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  2. Market equilibrium computation - Wikipedia

    en.wikipedia.org/wiki/Market_equilibrium_computation

    Market equilibrium computation (also called competitive equilibrium computation or clearing-prices computation) is a computational problem in the intersection of economics and computer science. The input to this problem is a market , consisting of a set of resources and a set of agents .

  3. Economic equilibrium - Wikipedia

    en.wikipedia.org/wiki/Economic_equilibrium

    In most simple microeconomic stories of supply and demand a static equilibrium is observed in a market; however, economic equilibrium can be also dynamic. Equilibrium may also be economy-wide or general, as opposed to the partial equilibrium of a single market. Equilibrium can change if there is a change in demand or supply conditions.

  4. Oligopoly - Wikipedia

    en.wikipedia.org/wiki/Oligopoly

    An example of the Cournot-Bertrand model in real life can be seen in the market of alcoholic beverages. [55] The production times of alcoholic beverages differ greatly creating different economic environments within the market. [55]

  5. Value and Capital - Wikipedia

    en.wikipedia.org/wiki/Value_and_Capital

    From consumer equilibrium for an individual, the book aggregates to market equilibrium across all individuals, producers, and goods. In so doing, Hicks introduced Walrasian general equilibrium theory to an English-speaking audience. This was the first publication to attempt a rigorous statement of stability conditions for

  6. Supply and demand - Wikipedia

    en.wikipedia.org/wiki/Supply_and_demand

    Partial equilibrium, as the name suggests, takes into consideration only a part of the market to attain equilibrium. Jain proposes (attributed to George Stigler ): "A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed ...

  7. Competitive equilibrium - Wikipedia

    en.wikipedia.org/wiki/Competitive_equilibrium

    A competitive equilibrium (CE) consists of two elements: A price function . It takes as argument a vector representing a bundle of commodities, and returns a positive real number that represents its price. Usually the price function is linear - it is represented as a vector of prices, a price for each commodity type.

  8. Credit rationing - Wikipedia

    en.wikipedia.org/wiki/Credit_rationing

    It is an example of market failure, as the price mechanism fails to bring about equilibrium in the market. It should not be confused with cases where credit is simply "too expensive" for some borrowers, that is, situations where the interest rate is deemed too high. With credit rationing, the borrower would like to acquire the funds at the ...

  9. Walras's law - Wikipedia

    en.wikipedia.org/wiki/Walras's_law

    It follows that the market value of total excess demand in the economy must be zero, which is the statement of Walras's law. Walras's law implies that if there are n markets and n – 1 of these are in equilibrium, then the last market must also be in equilibrium, a property which is essential in the proof of the existence of equilibrium.