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Partial equilibrium, the equilibrium price and quantity which come from the cross of supply and demand in a competitive market; Radner equilibrium, an economic concept defined by economist Roy Radner in the context of general equilibrium; Recursive competitive equilibrium, an economic equilibrium concept associated with a dynamic program
In a mixed-strategy Nash equilibrium, an increase in N players will decrease the likelihood that at least one person volunteers, which is consistent with the bystander effect. Examples in real life [ edit ]
Many real-life dilemmas involve multiple players. [45] Although metaphorical, Garrett Hardin's tragedy of the commons may be viewed as an example of a multi-player generalization of the prisoner's dilemma: each villager makes a choice for personal gain or restraint. The collective reward for unanimous or frequent defection is very low payoffs ...
An equilibrium state is mathematically ascertained by seeking the extrema of a thermodynamic potential function, whose nature depends on the constraints imposed on the system. For example, a chemical reaction at constant temperature and pressure will reach equilibrium at a minimum of its components' Gibbs free energy and a maximum of their entropy.
For example, if the number of new airlines departing from and arriving at the airport is the same, the economic contribution to the host city may be a zero-sum game. Because for Hong Kong, the consumption of overseas tourists in Hong Kong is income, while the consumption of Hong Kong residents in opposite cities is outflow.
A stationary object (or set of objects) is in "static equilibrium," which is a special case of mechanical equilibrium. A paperweight on a desk is an example of static equilibrium. Other examples include a rock balance sculpture, or a stack of blocks in the game of Jenga, so long as the sculpture or stack of blocks is not in the state of collapsing.
The group's total payoff is maximized when everyone contributes all of their tokens to the public pool. However, the Nash equilibrium in this game is simply zero contributions by all; if the experiment were a purely analytical exercise in game theory it would resolve to zero contributions because any rational agent does best contributing zero, regardless of whatever anyone else does.
In thermodynamics, a quasi-static process, also known as a quasi-equilibrium process (from Latin quasi, meaning ‘as if’ [1]), is a thermodynamic process that happens slowly enough for the system to remain in internal physical (but not necessarily chemical) thermodynamic equilibrium. An example of this is quasi-static expansion of a mixture ...