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Market equilibrium |
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Market equilibriumEquality of supply and demand. See equilibrium.Similar MatchesBalance of payments equilibriumBalance of payments equilibriumMeaningful only under a pegged exchange rate, this referred to equality of credits and debits in the balance of payments using the traditional definition of the capital account. A surplus or deficit implied changing official reserves, so that something would ultimately have to change. Equilibrium levelEquilibrium levelThe value taken on by an economic variable in equilibrium, as opposed either to some other value, or to its rate of change. Nash equilibriumNash equilibriumAn equilibrium in game theory in which each player's action is optimal given the actions of the other players. E.g., in a tariff-and-retaliation game, with each country able to improve its terms of trade with a tariff, zero tariffs are not Nash, since each can do better by raising its tariff. A Nash equilibrium, with positive tariffs, is likely to be inferior to free trade for both. Computable general equilibriumComputable general equilibriumRefers to economic models of microeconomic behavior in multiple markets of one or more economies, solved computationally for equilibrium values or changes due to specified policies. The equations are anchored with data from the countries being modeled, while behavioral parameters are either assumed or adapted from estimates elsewhere. Two cone equilibriumTwo cone equilibriumA free-trade equilibrium in the Heckscher-Ohlin Model in which prices are such that all goods cannot be produced within a single country, and instead there are two diversification cones. This, or a multi-cone equilibrium, will arise if countries' factor endowments are sufficiently dissimilar compared to factor intensities of industries. Contrasts with one cone equilibrium. Further SuggestionsEquilibrium positionPartial equilibrium Equilibrium rate of interest General equilibrium Disequilibrium Equilibrium One cone equilibrium Multi-cone equilibrium Equilibrium Equilibrium exchange rate Equilibrium price |
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