An evolutionarily stable strategy (ESS) is a strategy (or set of strategies) which, if adopted by a population in a given environment, is impenetrable, meaning that it cannot be invaded by any alternative strategy (or strategies) that are initially rare. It is relevant in game theory, behavioural ecology, and evolutionary psychology.An ESS is an equilibrium refinement of the Nash equilibrium.
Aggregate expenditures (AE), the total spending in an economy on final goods and services over a. designated time period, is the core demand-side concept in modern macroeconomics (a final good is a newly produced good bought by a user who will “finally” dispose of that good by using up its services).
The Unstable Change of Gas Prices Across the World The price of gasoline is a major interest to almost everyone in the country and almost everywhere in the world. It seems that every month or even more frequently, gas prices are either rising or dropping but never staying stable.
Essays on Speculative Bubbles in Financial Markets Oswald K. Mungule 2011. The rst essay shows that the model has two stable equilibria and one unstable equilibrium. The. form two stable equilibria and one unstable equilibrium which lead to ballooning.
Essays on duopoly competition with asymmetric firms: Is profit maximization always an evolutionary stable strategy? Author links open overlay panel Douglas Silveira Silvinha Vasconcelos. Show more.. between different adaptive behavioral rules in deciding output strategies. 10 The main result showed that the Nash equilibrium is unstable.
Economic Complexity and Equilibrium Illusion: Essays on Market Instability and Macro Vitality Ping Chen The Principle of Large Numbers indicates that macro fluctuations have weak microfoundations; persistent business cycles and interrupted technologies can be better characterized by macro vitality and meso foundations.
Various traditions and schools of thoughts (e.g. Schumpeterian economics, evolutionary economics, the theory of induced innovation) may have much to offer in this area, yet the integration of their insights into general equilibrium theory has been halting (notwithstanding the existence of some such efforts, for instance Aghion and Howitt, 1997 and subsequent work, including in the tradition of.
Essays in Political Economics Luca Bettarelli Ph.D. Thesis. investigate whether stable and unstable parliamentary systems behave dif-. tems are more heterogeneous and can support multiple equilibrium strategies and in-duce multiple equilibrium outcomes (see for example Cella et al. (2015)).