It is therefore not in equilibrium.
However, Lewisian convention goes well beyond Nash equilibrium.
But most economists think that general equilibrium is something worth aspiring to.
(The asterisk indicates that this is an equilibrium condition.)
It was soon realized that a fundamental concept was that of equilibrium.
The pKa is the negative logarithm of the equilibrium constant, or mathematically, pKa = -log Ka.
What we want, after all, is a treatment of equilibrium in the non-equilibrium context.
GENERAL EQUILIBRIUM is when supply and demand are balanced simultaneously in all the markets in an economy.
A body in equilibrium may be in any one of three states—stable, unstable, or neutral equilibrium.
These questions are addressed in two subdisciplines of SM: equilibrium SM and non-equilibrium SM.
When equilibrium is disturbed, which can happen on a variety of levels, the organism works to form a new equilibrium.
As a result, an equilibrium state need not be stationary: in the course of time, the system may fluctuate in and out of equilibrium.
This is done by determining an equilibrium constant for the equilibrium reaction above; the equilibrium constant is the ratio
The Nash equilibrium is a special case of correlated equilibrium concepts, which are defined in terms of the belief distributions of the agents in a game.
Sugden (1986) and Vanderschraaf (1998) argue that it is not crucial to the notion of convention that the corresponding equilibrium be a coordination equilibrium.
The political reflective equilibrium is not a shared wide reflective equilibrium, for it avoids appealing to the broad range of beliefs that would be included in many wide reflective equilibria.
Even if each individual system approximately recurred to its initial conditions, this “concentration curve” could still show monotonic change toward equilibrium from an initial non-equilibrium condition.
In other words, an endogenous correlated equilibrium is a Nash equilibrium-in-beliefs when each agent regards the moves of his opponents as probabilistically independent and the agents' probabilities are consistent.
Vibration, periodic back-and-forth motion of the particles of an elastic body or medium, commonly resulting when almost any physical system is displaced from its equilibrium condition and allowed to respond to the forces that tend to restore equilibrium.
Potentially, the second-best equilibrium may be worse than a new equilibrium brought about by GOVERNMENT intervention, either to restore equilibrium to the market that is in DISEQUILIBRIUM, or to move the other markets away from their second-best conditions.
- a stable situation in which forces cancel one another
- a chemical reaction and its reverse proceed at equal rates
- equality of distribution
- a sensory system located in structures of the inner ear that registers the orientation of the head
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