Monetary policy rule is an approach to avoid time inconsistency problem as regarded by new classical economist to choose a time plan for policy making in order to maximize households’ well-being. The foundation of time inconsistency problem is not coincidence of expectations as an ex-ante variable, which is expected variable, with actual variable as an ex-post variable. Expectations in Finn K...

This paper generalises the approach taken by Dasgupta & Maskin (1986) and Simon (1989) and provides necessary and su¢ cient conditions for the existence of pure and mixed strategy Nash equilibrium in games with continuous strategy spaces and discontinuous payo¤ functions. The conditions can be applied widely, and examples for existence of pure strategy and monotonic equilibria in First-Price au...

A generalized Nash equilibrium problem (GNEP) is formulated in which, in addition to pointwise constraints on both the control and state variables, the feasible sets are partially governed by the solutions of a linear elliptic partial differential equation. The decisions (optimal controls) of the players arise in their competitors optimization problems via the righthand side of the partial diff...

In this paper, we discuss the sample average approximation (SAA) method applied to a class of stochastic mathematical programs with variational (equilibrium) constraints. To this end, we briefly investigate the structure of both – the lower level equilibrium solution and objective integrand. We show almost sure convergence of optimal values, optimal solutions (both local and global) and general...

“No-trade” theorems provide sufficient conditions for the absence of equilibrium trade between asymmetrically informed players.1 In this paper, we examine when trade is rationalizable. Since rationalizability is a weaker solution concept than equilibrium, trade is sometimes rationalizable, even when there is no equilibrium trade. We provide necessary and sufficient conditions for rationalizable...

In this paper we study the solvability of a system of vector equilibrium problems. We extend the concept of topological pseudomonotonicity to a family of mappings. We prove existence results for the system of vector equilibrium problems under topological pseudomonotonicity conditions by the Kakutani-Fan-Glicksberg fixed point theorem. As applications, we obtain existence results for systems of ...

in this study, nano-tio2 was employed for the adsorption of chloroform from aqueous solution in batch equilibrium experiments to investigate its adsorption properties. the effects of ph, initial chloroform concentration and nano-tio2 dosage were also investigated. optimal conditions for chloroform removal by nano-tio2 have been then identified. results of equilibrium experiments showed that the...

Abstract. Modeling several competitive leaders and followers acting in an electricity market leads to coupled systems of mathematical programs with equilibrium constraints, called equilibrium problems with equilibrium constraints (EPECs). We consider a simplified model for competition in electricity markets under uncertainty of demand in an electricity network as a (stochastic) multi-leader-fol...

A ratio-dependent predator–prey model with stage structure for the predator and time delay due to the gestation of the predator is investigated. By analyzing the characteristic equations, the local stability of a positive equilibrium and a boundary equilibrium is discussed, respectively. Further, it is proved that the system undergoes a Hopf bifurcation at the positive equilibrium when s = s0. ...