Equilibrium

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Equilibrium
A Wisdom Archive on Equilibrium

Equilibrium A selection of articles related to Equilibrium

We recommend this article: Equilibrium - 1, and also this: Equilibrium - 2.

equilibrium, Equilibrium, Balance, Stability

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ARTICLES RELATED TO Equilibrium

Equilibrium: Encyclopedia II - Solubility equilibrium - Non-ionic compounds

Dissolution of an organic solid can be described as an equilibrium between the substance in its solid and dissolved forms: We can write an equilibrium expression for this reaction, as for any chemical reaction (products over reactants): where K is called the equilibrium (or solubility) constant and the square brackets mean molar concentration in mol/L (sometimes called molarity with symbol M). Because the concentration of a solid doesn't make sense, we use the curly ...

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

Read more here: » Solubility equilibrium: Encyclopedia II - Solubility equilibrium - Non-ionic compounds

Equilibrium: Encyclopedia II - Equilibrium 2002 film - Literary references

Equilibrium contains many references to similar works of dystopian fiction, most notably George Orwell's Nineteen Eighty-Four and Aldous Huxley's Brave New World; Ray Bradbury's Fahrenheit 451 contains similar parallels. Equilibrium 2002 film - Setting. Equilibrium, Nineteen Eighty-Four, and Brave New World all take place in the near future following a catastrophic war (The Third World War, the Second World War, and the fictional "Nine Years War" respectivel ...

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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 - Literary references

Equilibrium: Encyclopedia II - Nash equilibrium - Formal definition and existence of Nash equilibria

Let (S, f) be a game, where S is the set of strategy profiles and f is the set of payoff profiles. When each player chooses strategy resulting in strategy profile x = (x1,...,xn) then player i obtains payoff fi(x). A strategy profile is a Nash equilibrium (NE) if no deviation in strategy by any single player is pro ...

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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 - Formal definition and existence of Nash equilibria

Equilibrium: Encyclopedia II - Nash equilibrium - Formal definition and existence of Nash equilibria

Let (S, f) be a game, where S is the set of strategy profiles and f is the set of payoff profiles. When each player chooses strategy resulting in strategy profile x = (x1,...,xn) then player i obtains payoff fi(x). A strategy profile is a Nash equilibrium (NE) if no deviation in strategy by any single player is pro ...

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 - Formal definition and existence of Nash equilibria

Equilibrium: Encyclopedia II - Non-equilibrium thermodynamics - Basic concepts

The basic thermodynamic potential in equilibrium thermodynamics is, depending on the conditions, the internal energy (U) or a variation such as enthalpy (H = U + PV), Helmholz free energy (F = U - TS) or Gibbs free energy (G = U + PV - TS). However, in non-equilibrium thermodynamics it is entropy (S) that takes center stage. Irrevers ...

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Non-equilibrium thermodynamics, Non-equilibrium thermodynamics - Basic concepts, Non-equilibrium thermodynamics - Flows and forces, Non-equilibrium thermodynamics - Entropy production the second law and the Onsager relations, Non-equilibrium thermodynamics - Stationary states and the principle of minimal entropy production

Read more here: » Non-equilibrium thermodynamics: Encyclopedia II - Non-equilibrium thermodynamics - Basic concepts

Equilibrium: Encyclopedia II - Cournot competition - Calculating the equilibrium

In very general terms, let the price function for the (duopoly) industry be P(q1 + q2) and firm i have the cost structure Ci(qi). To calculate the Nash equilibrium, the best response functions of the firms must first be calculated. The profit of firm i is revenue minus cost. Revenue is the product of price and quantity and cost is given by the firm's cost function, so profit is (as desc ...

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Cournot competition, Cournot competition - Graphically finding the Cournot duopoly equilibrium, Cournot competition - Calculating the equilibrium, Cournot competition - An example, Cournot competition - Implications, Cournot competition - Bertrand versus Cournot

Read more here: » Cournot competition: Encyclopedia II - Cournot competition - Calculating the equilibrium

Equilibrium: Encyclopedia II - Equilibrium price - Influences changing price

A change in equilibrium price will occur through a change in either the supply or demand schedules. For instance, and increase in demand through an increase level of disposable income may produce a new demand and supply schedule, such as the following: Here we see that an increase in disposable income would increase the quantity demanded of the good by 4,000 units at each price. This has the effect of changing the price at which quantity supplied equals quantity demanded. In this case we see that the two equal each other at an increas ...

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

Read more here: » Equilibrium price: Encyclopedia II - Equilibrium price - Influences changing price

Equilibrium: Encyclopedia II - Classical general equilibrium model - Labor Supply

The suppliers of the labor market are households. A household can be thought of as the summation of all the individuals within the household. Each household offers an amount of labour services to the market. The supply of labour can be thought of as the summation of the labour services offered by all the households. The amount of service that each household offers depends on the consumption requirements of the household, and the individuals relativ ...

See also:

Classical general equilibrium model, Classical general equilibrium model - Aggregate supply, Classical general equilibrium model - Labor Demand, Classical general equilibrium model - Output function, Classical general equilibrium model - Firms' profit function, Classical general equilibrium model - Firms' optimal profit maximizing condition, Classical general equilibrium model - Labor Supply, Classical general equilibrium model - Households' consumption constraint, Classical general equilibrium model - Households' utility function, Classical general equilibrium model - Households' optimal condition, Classical general equilibrium model - Aggregate Demand, Classical general equilibrium model - Monetary Market, Classical general equilibrium model - Real Market

Read more here: » Classical general equilibrium model: Encyclopedia II - Classical general equilibrium model - Labor Supply

Equilibrium: Encyclopedia II - Classical general equilibrium model - Labor Demand

The consumers of the labor market are firms. The demand for labor services is a derived demand, derived from the supply and demand for the firm's products in the goods market. It is assumed that a firm's objective is to maximize profit given the demand for its products, and given the production technology that is available to it. Some notation: Let p be price level of commodities Let w be nominal wage Let ω be real wag ...

See also:

Classical general equilibrium model, Classical general equilibrium model - Aggregate supply, Classical general equilibrium model - Labor Demand, Classical general equilibrium model - Output function, Classical general equilibrium model - Firms' profit function, Classical general equilibrium model - Firms' optimal profit maximizing condition, Classical general equilibrium model - Labor Supply, Classical general equilibrium model - Households' consumption constraint, Classical general equilibrium model - Households' utility function, Classical general equilibrium model - Households' optimal condition, Classical general equilibrium model - Aggregate Demand, Classical general equilibrium model - Monetary Market, Classical general equilibrium model - Real Market

Read more here: » Classical general equilibrium model: Encyclopedia II - Classical general equilibrium model - Labor Demand

Equilibrium: Encyclopedia II - Buoyancy - Forces and equilibrium

The buoyancy provides an upward force on the object. According to Newton's first law of motion, if the upward forces (including the buoyancy) balance the downward forces (including the weight) the object will remain at rest. Otherwise, it will accelerate upwards or downwards. If such an object's compressibility is less than that of the surrounding fluid, it is in stable equilibrium and will, indeed, remain at rest, but if its compressibility is greater, its equilibrium is unstable, and it will rise and expand on the slightest upward perturbation, or fall a ...

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Buoyancy, Buoyancy - Forces and equilibrium, Buoyancy - Archimedes' Principle, Buoyancy - Density, Buoyancy - Acceleration, Buoyancy - Links

Read more here: » Buoyancy: Encyclopedia II - Buoyancy - Forces and equilibrium

Equilibrium: Encyclopedia II - Buoyancy - Forces and equilibrium

The buoyancy provides an upward force on the object. According to Newton's first law of motion, if the upward forces (including the buoyancy) balance the downward forces (including the weight) the object will remain at rest. Otherwise, it will accelerate upwards or downwards. If such an object's compressibility is less than that of the surrounding fluid, it is in stable equilibrium and will, indeed, remain at rest, but if its compressibility is greater, its equilibrium is unstable, and it will rise and expand on the slightest upward perturbation, or fall a ...

See also:

Buoyancy, Buoyancy - Forces and equilibrium, Buoyancy - Archimedes' principle, Buoyancy - Density, Buoyancy - Acceleration

Read more here: » Buoyancy: Encyclopedia II - Buoyancy - Forces and equilibrium

Equilibrium: Encyclopedia II - Solution concept - Nash equilibrium

Main article: Nash equilibrium A Nash equilibrium is a strategy profile (a strategy profile specifies a strategy for every player, e.g. in the above prisoners' dilemma game (cooperate, defect) specifies that prisoner 1 plays cooperate and player 2 plays defect) in which every strategy is a best response to every other strategy played. A strategy by a player is a best response to another player's strategy if there is no other strategy that could be played that would yield a higher pay-off in any situ ...

See also:

Solution concept, Solution concept - Rationalizability & Iterated Dominance, Solution concept - Nash equilibrium, Solution concept - Backward induction, Solution concept - Subgame perfect Nash equilibrium, Solution concept - Perfect Bayesian equilibrium, Solution concept - Forward induction

Read more here: » Solution concept: Encyclopedia II - Solution concept - Nash equilibrium

Equilibrium: Encyclopedia II - Subgame perfect equilibrium - Finding subgame perfect equilibria

Reinhard Selten proved that any game which can be broken into "sub-games" containing a sub-set of all the available choices in the main game will have a subgame perfect nash equilibrium strategy (possibly as a mixed strategy giving non-deterministic sub-game decisions). The subgame perfect Nash equilibrium is normally deduced by "backward induction" from the various ultimate outcomes of the game, eliminating branches which would involve any player making a move that is not credible (optimal) from that node. An example game of this typ ...

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Subgame perfect equilibrium, Subgame perfect equilibrium - Option pricing example, Subgame perfect equilibrium - Finding subgame perfect equilibria

Read more here: » Subgame perfect equilibrium: Encyclopedia II - Subgame perfect equilibrium - Finding subgame perfect equilibria

Equilibrium: Encyclopedia II - Centipede game - Equilibrium analysis

Determining that defection by the first player is the unique Nash equilibrium can be established by backward induction. Suppose we reach the final round of the game; the second player will do better by defecting and taking a slightly larger share of the pot. Since we suppose the second player will defect, the first player does better by defecting in the second to last round, taking a slightly higher payoff than she would have received by allowing the second player to defect in the last round. But knowing this, the second player ought to defe ...

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Centipede game, Centipede game - Equilibrium analysis, Centipede game - Empirical results, Centipede game - Significance

Read more here: » Centipede game: Encyclopedia II - Centipede game - Equilibrium analysis

Equilibrium: Encyclopedia II - Cournot competition - Graphically finding the Cournot duopoly equilibrium

Equilibrium prices will be: p1 = p2 = P(q1+q2) This implies that firm i’s profit is given by Calculate firm 1’s residual demand: Suppose firm 1 believes firm 2 is producing quantity q2. What is firm 1s optimal quantity? Consider the diagram 1. If firm 1 decides not to produce anything, then price is given by P(0+q2)=P(q2). If firm 1 sets produces q1’ then price is given by P(q1’+q2). More generally, for each quantity that firm 1 might decide to set, price is given by the curve d1(q2). The curv ...

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Cournot competition, Cournot competition - Graphically finding the Cournot duopoly equilibrium, Cournot competition - Calculating the equilibrium, Cournot competition - An example, Cournot competition - Implications, Cournot competition - Bertrand versus Cournot

Read more here: » Cournot competition: Encyclopedia II - Cournot competition - Graphically finding the Cournot duopoly equilibrium

Equilibrium: Encyclopedia II - Membrane potential - Equilibrium potentials

An equilibrium potential is the membrane voltage at which a particular ion is in equilibrium. The equilibrium potential (also called reversal potential or Nernst Potential) is the membrane voltage at which the voltage force exactly balances the concentration gradient force (see section above), thus the voltage at which the inward and outward flows of the ion are balanced (net current = zero), or in equilibrium. The equilibrium potential of a particular ion is designated by the notation Eion. In the previous section, ...

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Membrane potential, Membrane potential - The Ionic Basis of the resting potential, Membrane potential - Generation of the resting potential, Membrane potential - The number of ions involved in generating the resting potential, Membrane potential - Equilibrium potentials, Membrane potential - Resting potential revisited, Membrane potential - All other values of membrane potential, Membrane potential - Effects and implications

Read more here: » Membrane potential: Encyclopedia II - Membrane potential - Equilibrium potentials

Equilibrium: Encyclopedia II - Balance of power - A doctrine of equilibrium

A balance of power exists when there is parity or stability between competing forces. As a term in international law for a 'just equilibrium' between the members of the family of nations, it expresses the doctrine intended to prevent any one nation from becoming sufficiently strong so as to enable it to enforce its will upon the rest. The basic principle involved in a balancing of political power, as David Hume pointed out in his Essay on the Balance of Power, is as old as history, and was perfectly familiar to the ancients bot ...

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Balance of power, Balance of power - A doctrine of equilibrium, Balance of power - Historical perspective, Balance of power - Parliamentary politics, Balance of power - Federalism, Balance of power - Reference

Read more here: » Balance of power: Encyclopedia II - Balance of power - A doctrine of equilibrium

Equilibrium: Encyclopedia II - Non-equilibrium thermodynamics - Entropy production the second law and the Onsager relations

The time-variation of the entropy is then equal to Here, Σi IiJi is a reversible entropy flow (resulting in entropy transfer through the boundaries of the system) and Σi ∇Ii · Ji is the rate of entropy production in the bulk. In this context, the second law of thermodynamics can be stated as requiring that the rate of entropy production be nonnegative, that is,< ...

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Non-equilibrium thermodynamics, Non-equilibrium thermodynamics - Basic concepts, Non-equilibrium thermodynamics - Flows and forces, Non-equilibrium thermodynamics - Entropy production the second law and the Onsager relations, Non-equilibrium thermodynamics - Stationary states and the principle of minimal entropy production

Read more here: » Non-equilibrium thermodynamics: Encyclopedia II - Non-equilibrium thermodynamics - Entropy production the second law and the Onsager relations

Equilibrium: Encyclopedia II - Solution concept - Perfect Bayesian equilibrium

Main article: Bayesian game Sometimes subgame perfection does not impose large enough restriction on unreasonable outcomes. For example, since subgames cannot cut through information sets, a game of imperfect information may have only one subgame – itself – and hence subgame perfection cannot be used to eliminate any Nash equilibria. A perfect Bayesian equilibrium is a specification of players’ strategies and beliefs about which node in the information set has been reached by the play of ...

See also:

Solution concept, Solution concept - Rationalizability & Iterated Dominance, Solution concept - Nash equilibrium, Solution concept - Backward induction, Solution concept - Subgame perfect Nash equilibrium, Solution concept - Perfect Bayesian equilibrium, Solution concept - Forward induction

Read more here: » Solution concept: Encyclopedia II - Solution concept - Perfect Bayesian equilibrium

Equilibrium: Encyclopedia II - Ultimatum game - Equilibrium analysis

For illustration, we will suppose there is a smallest division of the good available (say 1 cent). Suppose that the total amount of money available is x. The first player chooses some amount in the interval [0,x]. The second player chooses some function f: [0, x] -> {"accept", "reject"}. We will represent the strategy profile as (p, f), where p is the proposal and f is the function. If f(p) = "accept" the first receives p and the second x-p, ...

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Ultimatum game, Ultimatum game - Equilibrium analysis, Ultimatum game - Experimental results, Ultimatum game - Explanations, Ultimatum game - Evolutionary game theory, Ultimatum game - Sociological applications, Ultimatum game - History, Ultimatum game - Variants, Ultimatum game - Notes

Read more here: » Ultimatum game: Encyclopedia II - Ultimatum game - Equilibrium analysis

Equilibrium: Encyclopedia II - Solution concept - Subgame perfect Nash equilibrium

Main article: Subgame perfect equilibrium A generalisation of backward induction is subgame perfection. Backward induction assumes that all future play will be rational. In subgame perfect equilibria, play in every subgame is rational (specifically a Nash equilibrium). Backward induction can only be used in terminating (finite) games of definite length and cannot be applied to games with imperfect information. In these cases, subgame perfection can be used. The eliminated Nash equilibrium described above is subgame imperfect because it is not a Nash equilibrium of the ...

See also:

Solution concept, Solution concept - Rationalizability & Iterated Dominance, Solution concept - Nash equilibrium, Solution concept - Backward induction, Solution concept - Subgame perfect Nash equilibrium, Solution concept - Perfect Bayesian equilibrium, Solution concept - Forward induction

Read more here: » Solution concept: Encyclopedia II - Solution concept - Subgame perfect Nash equilibrium

Equilibrium: Encyclopedia II - Nash bargaining game - Equilibrium analysis

Strategies are represented in the Nash bargaining game by an pair (x, y). x and y are selected from the interval [0, z], where z is the total good. If x + y is equal to or less than z, the first player receives x and the second y. Otherwise both get 0. There are many Nash equilibria in the Nash bargaining game. Any x and y such that x + y = z is a Nash equilibrium. If either player increases their demand, both players receiv ...

See also:

Nash bargaining game, Nash bargaining game - Equilibrium analysis, Nash bargaining game - Applications

Read more here: » Nash bargaining game: Encyclopedia II - Nash bargaining game - Equilibrium analysis

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