An approach to equilibrium selection

Article Abstract:

A research study considers equilibrium selection in symmetric and asymmetric games having a pair of strict Nash equilibria. The static games played by a series of unknown agents are embedded in a dynamic random matching framework. The players differ from those in the evolutionary process in they being rational and able to optimize discounted payoffs. However, the players can only make short-run commitments when selecting actions. A strict Nash equilibrium becomes uniquely absorbing if risk-dominance is achieved with the presence of minimal friction.

Analysis, Economic research, Equilibrium (Economics)

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Agricultural productivity, comparative advantage, and economic growth

Article Abstract:

An analysis of the impact of agricultural productivity on economic development is presented. The analysis applies a two-sector model of endogenous growth which assumes non-homothetic preferences and less than unitary income elasticity while limiting manufacturing growth to learning-by-doing constraints. It is shown that a positive link may be established between productivity and growth in a closed economy case.

Economic development, Agricultural productivity, Comparative advantage (Commerce), Comparative advantage

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Growing through cycles in an infinitely lived agent economy

Article Abstract:

Research is presented describing the study of market growth and stability through different phases of investment and competition highlighting the importance of both on market development.

Methods, Economics, Markets (Economics), Economic methods

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