摘要:

ABSTRACTThe concept of Nash equilibrium is widely used to analyse non‐cooperative games. However, one of the problems with that concept is that many games have multiple equilibria. Recent work has concentrated on reducing or refining the set of Nash equilibria in some games. In this paper, we survey some equilibrium concepts based on perturbations of strategies that refine the set of Nash equilibria. We discuss the pros and cons of each concept and its relationship to the others by the use of numerous examples and intuition. It is hoped that this survey will enable the economist to consider the relevance of a particular equilibrium concept to a given economic model of interest. Journal of Economic Literature Classification Number: C7

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1994.tb00588.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTThis paper develops a model which embeds the Nash‐equilibrium version of McDonald and Solow's (1981) wage‐bargaining model into an otherwise standard static equilibrium macro model. Equilibrium unemployment is possible. Real shocks to demand result in pro‐cyclical employment and anti‐cyclical real wage movements while money shocks are neutral. This is in some contrast to the results obtained by McDonald an

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1994.tb00589.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

ABSTRACTWhy was Unemployment in Postwar Britain So Low?This paper takes a fresh look at the low unemployment in postwar Britain, which is seen as exceptional rather than the norm. During the 1950s and 1960s low unemployment was reconciled with stable inflation through the exercise of wage restraint. Yet the postwar settlement which underpinned this wage restraint also allowed the entrenchment of restrictive practices, which inevitably slowed the growth of productivity and the feasible real wage, thus contributing to Britain's relative economic decline.

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1994.tb00590.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

ISSN:0307-3378    

DOI:10.1111/j.1467-8586.1994.tb00591.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY