Markov Perfect Nash Equilibria: some considerations on Economic Models, Dynamical Systems and Statistical Mechanics.

Series: 
Research Horizons Seminar
Wednesday, November 3, 2010 - 12:00
1 hour (actually 50 minutes)
Location: 
Skiles 171
,  
School of Mathematics - Georgia Institute of Technology

Hosts: Yao Li and Ricardo Restrepo

Modern Economic Theory is largely based on the concept of Nash Equilibrium. In its simplest form this is an essentially statics notion. I'll introduce a simple model for the origin of money (Kiotaki and Wright, JPE 1989) and use it to introduce a more general (dynamic) concept of Nash Equilibrium and my understanding of its relation to Dynamical Systems Theory and Statistical Mechanics.