In macroeconomics, recursive competitive equilibrium (RCE) is an equilibrium concept. It has been widely used in exploring a wide variety of economic...

He is probably best known for his contributions to recursive competitive theory, an equilibrium concept widely used in modern dynamic macroeconomics...

general equilibrium Recursive competitive equilibrium, an economic equilibrium concept associated with a dynamic program Static equilibrium (economics)...

Optimal substructure – Property of a computational problem Recursive competitive equilibrium Stochastic dynamic programming – 1957 technique for modelling...

decision process Optimal control theory Optimal substructure Recursive competitive equilibrium Bellman pseudospectral method Dynamic Programming Princeton...

C. Prescott Prescott, Edward C.; Mehra, Rajnish (1980). "Recursive Competitive Equilibrium: The Case of Homogeneous Households". Econometrica. 48 (6):...

Engineers, a former administrative corps of the Canadian army Recursive competitive equilibrium, an economic concept Request for continued examination, a...

each state. The resulting model is solved via a recursive combination of the Bayesian Nash equilibrium and the Bellman optimality equation. Stochastic...

epsilon-equilibrium, or near-Nash equilibrium, is a strategy profile that approximately satisfies the condition of Nash equilibrium. In a Nash equilibrium, no...

Criterion gives necessary and sufficient conditions for when an OLG competitive equilibrium allocation is inefficient. Another attribute of OLG type models...

e., to maximize B's own chances of winning). A minimax algorithm is a recursive algorithm for choosing the next move in an n-player game, usually a two-player...

market failures, where equilibria need not be efficient or where no competitive equilibrium exists because supply and demand differ. Non-convex sets arise...

algorithm, in which the first and second halves of an array are each sorted recursively and then merged. As part of Von Neumann's hydrogen bomb work, he and...

viewing games in terms of their possible moves to other games leads to a recursive mathematical definition of games that is standard in combinatorial game...

be evaluated (as a win, loss or draw). By backward reasoning, one can recursively evaluate a non-final position as identical to the position that is one...

would be left with exactly one object in exactly one pile. So, using our recursive definition, Bob really only has one move: ∗ 1 {\displaystyle *1} . Thus...

each recursively included in the next. The solution of the resulting system of equations (both linear and non-linear) is the general equilibrium. At the...

stochastic Bayesian game model is solved via a recursive combination of the Bayesian Nash equilibrium equation and the Bellman optimality equation. E...

containing at least two individuals in their reduced list, and define recursively qi+1 to be the second on pi's list and pi+1 to be the last on qi+1's...

holy trinity – rationality, selfishness, and equilibrium", citing complexity economics along with recursive economics and dynamical systems as contributions...

d_{v}(S)} of coalition S {\displaystyle S} in game v {\displaystyle v} is recursively determined by d v ( { i } ) = v ( { i } ) d v ( { i , j } ) = v ( { i...

Coalition-proof Nash equilibrium Core Correlated equilibrium Cursed equilibrium Edgeworth price cycle Epsilon-equilibrium Gibbs equilibrium Incomplete contracts...

as in a conventional auction. As shown by Riley and Samuelson (1981), equilibrium bidding in an all pay auction with private information is revenue equivalent...

MR 0185073. Aumann, Robert J. (January 1966). "Existence of competitive equilibrium in markets with a continuum of traders". Econometrica. 34 (1):...

games, epistemic models of strategic behavior, and refinements of Nash equilibrium (see solution concept). In cooperative game theory he contributed to...

Second-order beliefs are beliefs about others’ first-order beliefs, and this recursive structure continues indefinitely, forming a hierarchy of beliefs. Jean-François...

Project, University of Oxford Nicola, Piercarlo (2000), "General Competitive Equilibrium", Mainstream Mathematical Economics in the 20th Century, Springer...

use classical or genetic optimisation, such as CMA-ES. Models may be recursive-dynamic, solving sequentially for each time interval, and thus evolving...

crises than it would have suffered under the social planner's economy. Recursive Macroeconomic Theory, Second edition, 2004. By Lars Ljungqvist and Thomas...

work contains a smaller copy of itself, creating a potentially infinite recursive loop. The term can describe a story within a story, a play within a play...