Research building on the Arrow-Debreu model has revealed some problems with the model. The Sonnenschein-Mantel-Debreu results show that, essentially, any restrictions on the shape of excess demand functions are arbitrary. Some think this implies that the Arrow-Debreu model lacks empirical content. At any rate, Arrow-Debreu equilibria cannot be expected to be unique, or stable. A model organized around the tatonnement process has been said to be a model of a centrally planned economy, not a decentralized market economy. Some research h ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Properties and characterization of general equilibrium, General equilibrium - First Fundemental Theorem of Welfare Economics, General equilibrium - Second Fundemental Theorem of Welfare Economics, General equilibrium - Existence, General equilibrium - Uniqueness, General equilibrium - Stability, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - Unresolved problems in general equilibrium

Research building on the Arrow-Debreu model has revealed some problems with the model. The Sonnenschein-Mantel-Debreu results show that, essentially, any restrictions on the shape of excess demand functions are arbitrary. Some think this implies that the Arrow-Debreu model lacks empirical content. At any rate, Arrow-Debreu equilibria cannot be expected to be unique, or stable. A model organized around the tatonnement process has been said to be a model of a centrally planned economy, not a decentralized market economy. Some research h ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Properties and characterization of general equilibrium, General equilibrium - First Fundemental Theorem of Welfare Economics, General equilibrium - Second Fundemental Theorem of Welfare Economics, General equilibrium - Existence, General equilibrium - Uniqueness, General equilibrium - Stability, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - Unresolved problems in general equilibrium

The modern conception of general equilibrium is provided by a model developed jointly by Kenneth Arrow and Gerard Debreu in the 1950s. Gerard Debreu presents this model in Theory of Value (1959) as an axiomatic model, following the style of mathematics promoted by Bourbaki. In such an approach, the interpretation of the terms in the theory (e.g., goods, prices) are not fixed by the axioms. Three important interpretations of the terms of the theory have been often cited. First, supposed commodities are distinguished by the location where they are deliv ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Properties and characterization of general equilibrium, General equilibrium - First Fundemental Theorem of Welfare Economics, General equilibrium - Second Fundemental Theorem of Welfare Economics, General equilibrium - Existence, General equilibrium - Uniqueness, General equilibrium - Stability, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - Modern concept of general equilibrium in economics

The modern conception of general equilibrium is provided by a model developed jointly by Kenneth Arrow and Gerard Debreu in the 1950s. Gerard Debreu presents this model in Theory of Value (1959) as an axiomatic model, following the style of mathematics promoted by Bourbaki. In such an approach, the interpretation of the terms in the theory (e.g., goods, prices) are not fixed by the axioms. Three important interpretations of the terms of the theory have been often cited. First, supposed commodities are distinguished by the location where they are deliv ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Properties and characterization of general equilibrium, General equilibrium - First Fundemental Theorem of Welfare Economics, General equilibrium - Second Fundemental Theorem of Welfare Economics, General equilibrium - Existence, General equilibrium - Uniqueness, General equilibrium - Stability, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - Modern concept of general equilibrium in economics

Consider the game of chicken (pictured to the right). In this game two individuals are challenging each other to a contest where each can either dare or chicken out. If one is going to Dare, it is better for the other to chicken out. But if one is going to chicken out it is better for the other to Dare. This leads to an interesting situation where each wants to dare, but only if the other might chicken out. In this game, there are three Nash equilibria. The two pure strategy Nash equilibria are (D, C) and (C, D). There is also a mixed strategy equi ...

See also:

Correlated equilibrium, Correlated equilibrium - An example, Correlated equilibrium - Formal defintion

Read more here: » Correlated equilibrium: Encyclopedia II - Correlated equilibrium - An example

The first attempt in Neoclassical economics to model prices for a whole economy was made by Leon Walras. Walras' Elements of Pure Economics provides a succession of models, each taking into account more aspects of a real economy (two commodities, many commodities, production, growth, money). Some (for example, Eatwell (198?), see also Jaffe (1953)) think Walras was unsuccessful and the later models in this series inconsistent. In particular, Walras's model was a long period model in which prices of capital goods are the same whether t ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Properties and characterization of general equilibrium, General equilibrium - First Fundemental Theorem of Welfare Economics, General equilibrium - Second Fundemental Theorem of Welfare Economics, General equilibrium - Existence, General equilibrium - Uniqueness, General equilibrium - Stability, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - History of general equilibrium modelling

The first attempt in Neoclassical economics to model prices for a whole economy was made by Leon Walras. Walras' Elements of Pure Economics provides a succession of models, each taking into account more aspects of a real economy (two commodities, many commodities, production, growth, money). Some (for example, Eatwell (1989), see also Jaffe (1953)) think Walras was unsuccessful and the later models in this series inconsistent. In particular, Walras's model was a long period model in which prices of capital goods are the same whether t ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Properties and characterization of general equilibrium, General equilibrium - First Fundemental Theorem of Welfare Economics, General equilibrium - Second Fundemental Theorem of Welfare Economics, General equilibrium - Existence, General equilibrium - Uniqueness, General equilibrium - Stability, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - History of general equilibrium modelling

If a game has a unique Nash equilibrium and is played among players with certain characteristics, then it is true (by definition of these characteristics) that the NE strategy set will be adopted. The necessary and sufficient conditions to be met by the players are: Each player believes all other participants are rational. The game correctly describes the utility payoff of all players. The players are flawless in execution. The players have sufficient intelligence to deduce the sol ...

See also:

Nash equilibrium, Nash equilibrium - Formal definition and existence of Nash equilibria, Nash equilibrium - Proof sketch, Nash equilibrium - Examples, Nash equilibrium - Competition game, Nash equilibrium - Coordination game, Nash equilibrium - Prisoner's dilemma, Nash equilibrium - NE in Payoff Matrix, Nash equilibrium - Stability, Nash equilibrium - Occurrence, Nash equilibrium - Where the conditions are not met, Nash equilibrium - Where the conditions are met, Nash equilibrium - Notes

Read more here: » Nash equilibrium: Encyclopedia II - Nash equilibrium - Occurrence

If a game has a unique Nash equilibrium and is played among players with certain characteristics, then it is true (by definition of these characteristics) that the NE strategy set will be adopted. The necessary and sufficient conditions to be met by the players are: Each player believes all other participants are rational. The game correctly describes the utility payoff of all players. The players are flawless in execution. The players have sufficient intelligence to deduce the sol ...

See also:

Nash equilibrium, Nash equilibrium - Formal definition and existence of Nash equilibria, Nash equilibrium - Proof sketch, Nash equilibrium - Examples, Nash equilibrium - Competition game, Nash equilibrium - Coordination game, Nash equilibrium - Prisoner's dilemma, Nash equilibrium - Nash Equilibria in a Payoff Matrix, Nash equilibrium - Stability, Nash equilibrium - Occurrence, Nash equilibrium - Where the conditions are not met, Nash equilibrium - Where the conditions are met, Nash equilibrium - Notes

Read more here: » Nash equilibrium: Encyclopedia II - Nash equilibrium - Occurrence

Punctuated equilibria relies heavily on Ernst Mayr's concept of peripatric speciation and was articulated as a distinct theory by Niles Eldredge and Stephen Jay Gould in 1972 as a criticism to phyletic gradualism. According to Gould, "the ideas came mostly from Niles, with yours truly acting as a sounding board and [coining] the term..." It has been summarized by Gould (1980, pp. 183-4) as follows: "Large, stable central populations exert a strong homogenizing influence [on the gene pool]. New and favorable mutations are diluted ...

See also:

Punctuated equilibrium, Punctuated equilibrium - The theory, Punctuated equilibrium - Misconceptions, Punctuated equilibrium - Relation to Darwinism

Read more here: » Punctuated equilibrium: Encyclopedia II - Punctuated equilibrium - The theory

To solve for the equilibrium price, one must either plot the supply and demand curves, or solve for their equations being equal. An example may be: Qd = 189 - 2.25*Price Qs = 124 + 1.5*Price → 189 - 2.25P = 124 + 1.5*P -124 -124 → 65 - 2.25*P = 1.5*P +2.25*P +2.25*P → 65/3.75*P = 3.75*P/3.75*P Price = $17.33 In the diagram, depicting simple set of supply and demand curv ...

See also:

Equilibrium price, Equilibrium price - Solving for Equilibrium Price, Equilibrium price - Influences changing price

Read more here: » Equilibrium price: Encyclopedia II - Equilibrium price - Solving for Equilibrium Price

The modern conception of general equilibrium is provided by a model developed jointly by Kenneth Arrow and Gerard Debreu in the 1950s. Gerard Debreu presents this model in Theory of Value (1959) as an axiomatic model, following the style of mathematics promoted by Bourbaki. In such an approach, the interpretation of the terms in the theory (e.g., goods, prices) are not fixed by the axioms. Three important theorems have been proved in this framework. First, existence theorems show that equilibria exist under certain abstract conditions ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - Modern concept of general equilibrium in economics

Research building on the Arrow-Debreu model has revealed some problems with the model. The Sonnenschein-Mantel-Debreu results show that, essentially, any restrictions on the shape of excess demand functions are arbitrary. Some think this implies that the Arrow-Debreu model lacks empirical content. At any rate, Arrow-Debreu equilibria cannot be expected to be unique, or stable. A model organized around the tatonnement process has been said to be a model of a centrally planned economy, not a decentralized market economy. Some research h ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - Unresolved problems in general equilibrium

A typical equilibrium situation is as below: kA(aq) + mB(aq) ⇌ nC(aq) + pD(aq) when the forward reaction is occurring at the same rate as the reverse reaction. For simplicity in this example all reactants are aqueous, in solution, because solids and liquids do not enter the equation for the equilibrium constant as discussed ...

See also:

Equilibrium constant, Equilibrium constant - Reaction conditions, Equilibrium constant - Applications, Equilibrium constant - Sources

Read more here: » Equilibrium constant: Encyclopedia II - Equilibrium constant - Reaction conditions

The first attempt in Neoclassical economics to model prices for a whole economy was made by Leon Walras. Walras' Elements of Pure Economics provides a succession of models, each taking into account more aspects of a real economy (two commodities, many commodities, production, growth, money). Some (for example, Eatwell (198?), see also Jaffe (1953)) think Walras was unsuccessful and the later models in this series inconsistent. In particular, Walras's model was a long period model in which prices of capital goods are the same whether t ...

See also:

General equilibrium, General equilibrium - History of general equilibrium modelling, General equilibrium - Modern concept of general equilibrium in economics, General equilibrium - Unresolved problems in general equilibrium

Read more here: » General equilibrium: Encyclopedia II - General equilibrium - History of general equilibrium modelling

A typical equilibrium situation is as below: when the forward reaction is occurring at the same rate as the reverse reaction. For simplicity in this example all reactants are aqueous, in solution, because solids and liquids do not enter the equation for the equilibrium constant as discussed in the article on solubility equilibrium (however gases do). The equation of the equilibrium constant is equal to the product of the product concentrations to the power their respective stoichiometric coeffecients divided by the product of the reactant concentrations to the powe ...

See also:

Equilibrium constant, Equilibrium constant - Reaction conditions, Equilibrium constant - Applications, Equilibrium constant - Sources

Read more here: » Equilibrium constant: Encyclopedia II - Equilibrium constant - Reaction conditions

Definition and meaning of chemical equilibrium:

chemical equilibrium - the state in which a chemical reaction proceeds at the same rate as its reverse reaction; the rates of the forward and reverse reactions are equal, and the concentration of the reactants and products stop changing. When this condition is met, there is no change in the proportions of the various compounds involved, and the reaction ceases to progress

(Source: US National Oceanic and Atmospheric Administration (NOAA) )

Also see these pages: Oceanography, Oceanography Sitemap, Coral Reef, Environment, Sustainability, Climate Change,

For more dictionary entries, see » Equilibrium Dictionary

Definition and meaning of punctuated equilibrium:

punctuated equilibrium - an evolutionary model in which change occurs in relatively rapid bursts, followed by little or no discernible change in a lineage (stasis)

(Source: US National Oceanic and Atmospheric Administration (NOAA) )

Also see these pages: Oceanography, Oceanography Sitemap, Coral Reef, Environment, Sustainability, Climate Change,

For more dictionary entries, see » Equilibrium Dictionary

Ionic compounds normally dissociate into their constituent ions when they dissolve in water. For example, for calcium sulfate: As for the previous example, the equilibrium expression is: where K is called the equilibrium (or solubility) constant, the square brackets mean molar concentration (M, or mol/L), and curly brackets mean activity. Since the activity of a pure solid is equal to one, this expression reduces to the ...

See also:

Solubility equilibrium, Solubility equilibrium - Non-ionic compounds, Solubility equilibrium - Ionic compounds, Solubility equilibrium - Solubility constants

Read more here: » Solubility equilibrium: Encyclopedia II - Solubility equilibrium - Ionic compounds

Equilibrium is set some time in the future, in the dystopian city-state of Libria. The film explains how, in the early years of the twenty-first century, a devastating Third World War breaks out, the impact of which brings civilizations across the planet to their knees. After the war ends, world leaders fear that the human race cannot possibly survive a Fourth World War, and so set about building a new society which is free of conflict. Believing that human emotion is responsible for man's inhumanity to man, the new leaders ban all ma ...

See also:

Equilibrium 2002 film, Equilibrium 2002 film - Synopsis, Equilibrium 2002 film - Plot, Equilibrium 2002 film - Gun Kata, Equilibrium 2002 film - Literary references, Equilibrium 2002 film - Setting, Equilibrium 2002 film - Drug use, Equilibrium 2002 film - Living standard, Equilibrium 2002 film - Surveillance, Equilibrium 2002 film - Class system, Equilibrium 2002 film - Father, Equilibrium 2002 film - Trivia, Equilibrium 2002 film - Cast

Read more here: » Equilibrium 2002 film: Encyclopedia II - Equilibrium 2002 film - Plot

The sudden appearance and lack of substantial gradual change of perhaps most species in the geologic record, from their initial appearance until their extinction, has long been noted, including by Charles Darwin, who appealed to the imperfection of the record as an explanation. Because Darwin stressed the gradual nature of evolution, to clearly contrast it with the then-popular catastrophism, it is often incorrectly assumed that he insisted that the rate of change must be constant or nearly so. However, Darwin saw evolution as a slow process ...

See also:

Punctuated equilibrium, Punctuated equilibrium - The theory, Punctuated equilibrium - Misconceptions, Punctuated equilibrium - Relation to Darwinism

Read more here: » Punctuated equilibrium: Encyclopedia II - Punctuated equilibrium - Relation to Darwinism