Equilibrium Indeterminacy Research Articles

On the Economic Theory of Smuggling

Earlier models of smuggling involve indeterminate equilibria for individual firms, but they are deficient in their tr eatment of risk and/or transport costs. A model is constructed for an intra-EEC type of framework with due regard to such costs. Unique eq uilibria result. Smuggling of agricultural goods is an increasing-cos t industry, not because of implausible/unspecified externalities as i n some earlier papers, but because of increasing transport costs as t he extensive margin for smuggling is expanded. Predictions of the mod el are supported by studies of trade between the Republic of Ireland and Northern Ireland. Copyright 1988 by The London School of Economics and Political Science.

Quantitative genetic models of sexual selection: a review.

Quantitative genetic models of sexual selection have disproven some of the central tenets of both the handicap mechanism and the 'sexy son' hypothesis. These results suggest that the 'good genes' approach to sexual selection may often lead to erroneous results. Runaway sexual selection seems possible under a wide variety of circumstances. Quantitative genetic models have revealed runaway processes for sexually selected attributes expressed in both sexes and for attributes of parental care. Furthermore, the runaway could occur simultaneously in a series of populations that straddle an environmental gradient. While the models support the feasibility of runaway processes, empirical studies are needed to evaluate whether runaways actually happen. Estimates of critical genetic parameters are particularly needed, as well as measures of natural and sexual selection acting on the same population. The models also show that sexual selection has tremendous potential to produce population differentiation, particularly in epigamic traits. Differentiation is promoted by indeterminancy of evolutionary outcome, transient differences among populations during the final slow approach to equilibrium, sampling drift among equilibrium populations, and the tendency of sexual selection to amplify geographic variation arising from spatial differences in natural selection. Recent work with two- and three-locus models of sexual selection has produced results that parallel the results of the polygenic models (Kirkpatrick, 1982, 1985, 1986; Seger, 1985). Thus the feature of indeterminate equilibria (outcome dependent on initial conditions) is common to both types of model.

Conjectural Variation and the Indeterminacy of Duopolistic Equilibria

The purpose of this article is to investigate the basic premise that the various oligopoly models result in an unacceptable divergence in market equilibria. In the first half of the paper a theoretical model of a static conjectural variation duopoly with symmetric costs is presented. Using this model, we define the coefficient of dispersion of equilibria and show that it is solely a function of the basic conditions of the market costs and demand. This result is of empirical significance because it is possible to determine ex ante, from easily observable information, the extent to which conjectural variation (market conduct) will influence market equilibrium. Variation conjecturale et indetermination des equilibres duopolistiques. L'objectif de cet article est d'analyser la proposition fondamentale que les divers modeles d'oligopole se resolvent en une divergence inacceptable d'equilibres de marche. Dans la premiere partie du m6moire, on presente un modele theorique de duopole avec variation conjecturale statique et couits symmetriques. Avec l'aide de ce modele, on definit le coefficient de dispersion des equilibres et on montre qu'il est seulement fonction des conditions du marche cofits et demande. Ce resultat a une importance empirique significative parce qu'il devient possible de determiner ex ante, 'a partir de renseignements facilement observables, jusqu'A quel point la variation conjecturale (la conduite sur le marche) va influencer l'equilibre du marche.

The Zero Root Problem: A Note on the Dynamic Determination of the Stationary Equilibrium in Linear Models

Singularity of the transition matrix in differential equation systems implies indeterminacy of the stationary equilibrium: we show that this indeterminacy is only apparent, and we provide the unique solution. There are many examples of, and good theoretical reasons for, singular transition matrices. The main result is that, when stability conditions arc satisfied, the resulting stationary equilibrium will depend upon the intial conditions and the parameters describing the speed of adjustment.

Bigness, Fewness, and Research

Previous articleNext article No AccessBigness, Fewness, and ResearchJacob SchmooklerJacob Schmookler Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Volume 67, Number 6Dec., 1959 Article DOIhttps://doi.org/10.1086/258251 Views: 4Total views on this site Citations: 28Citations are reported from Crossref Copyright 1959 The University of ChicagoPDF download Crossref reports the following articles citing this article:Beniamino Callegari, Erlend Nybakk Schumpeterian theory and research on forestry innovation and entrepreneurship: The state of the art, issues and an agenda, Forest Policy and Economics 138 (May 2022): 102720.https://doi.org/10.1016/j.forpol.2022.102720Hyun Park Indeterminate equilibrium growth with product and R&D spillovers, Economic Modelling 86 (Mar 2020): 286–298.https://doi.org/10.1016/j.econmod.2019.09.054Marek Vokoun Characteristics of the innovation activities of firms in Europe: a critical review of international differences, Review of Economic Perspectives 17, no.33 (Sep 2017): 239–262.https://doi.org/10.1515/revecp-2017-0013Marek Vokoun Innovation behaviour of firms in a small open economy: the case of the Czech manufacturing industry, Empirica 43, no.11 (Mar 2015): 111–139.https://doi.org/10.1007/s10663-015-9296-0Adam Karbowski The Elasticity-Based Approach to Enterprise Innovation, International Journal of Management and Economics 49, no.11 (Jan 2016).https://doi.org/10.1515/ijme-2016-0004Daniel F. 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