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In macroeconomics, recursive competitive equilibrium (RCE) is an equilibrium concept. It has been widely used in exploring a wide variety of economic
Recursive competitive equilibrium
Recursive_competitive_equilibrium
Indian American economist
He is probably best known for his contributions to recursive competitive theory, an equilibrium concept widely used in modern dynamic macroeconomics
Rajnish_Mehra
general equilibrium Recursive competitive equilibrium, an economic equilibrium concept associated with a dynamic program Static equilibrium (economics)
List_of_types_of_equilibrium
Branch of modern economics
decision process Optimal control theory Optimal substructure Recursive competitive equilibrium Bellman pseudospectral method Dynamic Programming Princeton
Recursive_economics
Necessary condition for optimality associated with dynamic programming
Optimal substructure – Property of a computational problem Recursive competitive equilibrium Stochastic dynamic programming – 1957 technique for modelling
Bellman_equation
Topics referred to by the same term
Engineers, a former administrative corps of the Canadian army Recursive competitive equilibrium, an economic concept Request for continued examination, a
RCE
American economist and Nobel Laureate (1940–2022)
C. Prescott Prescott, Edward C.; Mehra, Rajnish (1980). "Recursive Competitive Equilibrium: The Case of Homogeneous Households". Econometrica. 48 (6):
Edward_C._Prescott
Concept in game theory
stochastic Bayesian game model is solved via a recursive combination of the Bayesian Nash equilibrium equation and the Bellman optimality equation. E
Stochastic_game
Economic Model
models of competitive economy and is a crucial part of general equilibrium theory, as it can be used to prove the existence of general equilibrium (or Walrasian
Arrow–Debreu_model
Situation where players have only a small incentive to change strategies
epsilon-equilibrium, or near-Nash equilibrium, is a strategy profile that approximately satisfies the condition of Nash equilibrium. In a Nash equilibrium, no
Epsilon-equilibrium
Game theory concept
each state. The resulting model is solved via a recursive combination of the Bayesian Nash equilibrium and the Bellman optimality equation. Stochastic
Bayesian_game
Framework in macroeconomics
Criterion gives necessary and sufficient conditions for when an OLG competitive equilibrium allocation is inefficient. Another attribute of OLG type models
Overlapping_generations_model
Violations of the convexity assumptions of elementary economics
market failures, where equilibria need not be efficient or where no competitive equilibrium exists because supply and demand differ. Non-convex sets arise
Non-convexity_(economics)
Belgian game theorist (1946–2012)
games, epistemic models of strategic behavior, and refinements of Nash equilibrium (see solution concept). In cooperative game theory he contributed to
Jean-François_Mertens
Decision rule used for minimizing the possible loss for a worst-case scenario
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
Minimax
Game whose outcome can be correctly predicted
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
Solved_game
Application of complexity science to economics
holy trinity – rationality, selfishness, and equilibrium", citing complexity economics along with recursive economics and dynamical systems as contributions
Complexity_economics
Branch of game theory about two-player sequential games with perfect information
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
Combinatorial_game_theory
Israeli mathematician
correlated equilibrium: With Nicolas Vieille, Solan demonstrated that all multiplayer stochastic games admit an extensive-form correlated ε-equilibrium, by extending
Eilon_Solan
Hungarian and American mathematician and physicist (1903–1957)
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
John_von_Neumann
Branch of applied mathematics
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
Mathematical_economics
Combinatorial game theory theorem
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
Sprague–Grundy_theorem
Auction in which every bidder pays
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
All-pay_auction
Game where groups of players may enforce cooperative behaviour
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
Cooperative_game_theory
Mathematical construct in game theory
Second-order beliefs are beliefs about others’ first-order beliefs, and this recursive structure continues indefinitely, forming a hierarchy of beliefs. Jean-François
Hierarchy_of_beliefs
Subfield of set theory
Coalition-proof Nash equilibrium Core Correlated equilibrium Cursed equilibrium Edgeworth price cycle Epsilon-equilibrium Gibbs equilibrium Incomplete contracts
Determinacy
Type of stable matching problem
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
Stable_roommates_problem
Sums of sets of vectors are nearly convex
MR 0185073. Aumann, Robert J. (January 1966). "Existence of competitive equilibrium in markets with a continuum of traders". Econometrica. 34 (1):
Shapley–Folkman_lemma
Process of building computer models of energy systems in order to analyze them
use classical or genetic optimization, such as CMA-ES. Models may be recursive-dynamic, solving sequentially for each time interval, and thus evolving
Energy_modeling
Smallest convex set containing a given set
Project, University of Oxford Nicola, Piercarlo (2000), "General Competitive Equilibrium", Mainstream Mathematical Economics in the 20th Century, Springer
Convex_hull
crises than it would have suffered under the social planner's economy. Recursive Macroeconomic Theory, Second edition, 2004. By Lars Ljungqvist and Thomas
Natural_borrowing_limit
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
Glossary of French words and expressions in English
Glossary_of_French_words_and_expressions_in_English
Design and implementation of tax policy maximizing social welfare
Retrieved 2019-12-14. Lars Ljungqvist and Thomas J. Sargent (2000), Recursive Macroeconomic Theory, 2nd ed, MIT Press, ISBN 0-262-19451-1, p. 444. Simkovic
Optimal_tax
Criterion of fair item allocation
40 {\displaystyle 39/40} . Budish showed that the Approximate Competitive Equilibrium from Equal Incomes always guarantees the 1-of-( n + 1 {\displaystyle
Maximin_share
RECURSIVE COMPETITIVE-EQUILIBRIUM
RECURSIVE COMPETITIVE-EQUILIBRIUM
Boy/Male
Arabic, Muslim
Striving; Contest; Competition; Battle
Boy/Male
British, English
Extra Ordinary; Not in Competition
Boy/Male
Indian, Sanskrit
Competition
Boy/Male
Australian, British, English, Latin
Running Competition
Girl/Female
Assamese, Hindu, Indian, Kannada, Sanskrit, Sindhi, Telugu
Motivation; Competition; React
Boy/Male
Indian, Punjabi, Sikh
Victorious in Competition
RECURSIVE COMPETITIVE-EQUILIBRIUM
RECURSIVE COMPETITIVE-EQUILIBRIUM
Boy/Male
Hindu, Indian
Possible
Boy/Male
Tamil
Boy/Male
Danish, German, Hindu, Indian, Marathi
Eagle; Eagle Power
Surname or Lastname
English
English : variant of Slade.
Girl/Female
American, Australian, British, English
The Ancient Country
Boy/Male
Anglo Saxon
Shoemaker.
Girl/Female
Slavic
Commanding peace.
Girl/Female
Indian, Tamil
A River; A Raag
Male
Japanese
(å¦) Japanese name MANABU means "learn."
Boy/Male
Gujarati, Hindu, Indian, Kannada, Malayalam, Marathi, Telugu
Spotted Deer; Name of a God; Loop Spotted Deer; Lord Krishna
RECURSIVE COMPETITIVE-EQUILIBRIUM
RECURSIVE COMPETITIVE-EQUILIBRIUM
RECURSIVE COMPETITIVE-EQUILIBRIUM
RECURSIVE COMPETITIVE-EQUILIBRIUM
RECURSIVE COMPETITIVE-EQUILIBRIUM
a.
Not amiable; morose; ill-natured; repulsive.
v. t.
Causing revulsion; revulsive.
a.
Prone to make excursions; wandering; roving; exploring; as, an excursive fancy.
a.
Running down; decurrent.
a.
Acting in competition; competing; rival.
n.
Rivalry; competition.
v. t.
To do or produce in emulation, competition, or rivalry; to put in competition; to bandy.
a.
Of or pertaining to competition; producing competition; competitory; as, a competitive examination.
n.
That which causes revulsion; specifically (Med.), a revulsive remedy or agent.
a.
Serving, or able, to repulse; repellent; as, a repulsive force.
a.
Having the quality of entering into composition; compounded.
adv.
In a decursive manner.
a.
Cold; forbidding; offensive; as, repulsive manners.
n.
The act of seeking, or endeavoring to gain, what another is endeavoring to gain at the same time; common strife for the same objects; strife for superiority; emulous contest; rivalry, as for approbation, for a prize, or as where two or more persons are engaged in the same business and each seeking patronage; -- followed by for before the object sought, and with before the person or thing competed with.
n.
Emulation; rivalry; competition.
n.
A character used in cursive writing.
a.
Preceding; introductory; precursory.
a.
Manifesting distaste or dislike; repulsive.
a.
Repulsive; driving back.
n.
A revulsive medicine.