Partial equilibrium


 

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Partial equilibrium

Equality of supply and demand in only a subset of an economy's markets -- usually just one -- taking variables from other markets as given. Partial equilibrium models are appropriate for products that constitute only a negligibly small part of the economy. They are used routinely (not always appropriately) for analysis of trade policies in single industries. Contrasts with general equilibrium.



Similar Matches

Nash equilibrium

Nash equilibrium

An 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.


Equilibrium exchange rate

Equilibrium exchange rate

Exchange rate at which demand for a currency is equal to the supply of the currency in the economy.


Equilibrium price

Equilibrium price

The price when the supply of goods matches demand.


Computable general equilibrium

Computable general equilibrium

Refers 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.


Equilibrium

Equilibrium

The stable state of the system. See: Attractor.


Further Suggestions

One cone equilibrium
Two cone equilibrium
Multi-cone equilibrium
Disequilibrium
Market equilibrium
Equilibrium
Equilibrium rate of interest
Equilibrium level
General equilibrium
Equilibrium position
Balance of payments equilibrium


 
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