This is an extended write-up of a lecture introducing the concept of Nash equilibrium in the context of an auction-type game that one can observe being played by “ordinary people” in real time. In a simplified model, we give an explicit formula for the Nash equilibrium. The actual game is more complicated and more interesting; players place a bid on one item (among several) during a time window...

What is the best description that we can construct of a thermodynamic system that is not in equilibrium, given only one, or a few, extra parameters over and above those needed for a description of the same system at equilibrium? Here, we argue the most appropriate additional parameter is the nonequilibrium entropy of the system. Moreover, we should not attempt to estimate the probability distri...

Emerging market economies, which have much of their growth ahead of them, either run or should run persistent current account deficits in order to smooth consumption intertemporally. The counterpart of these deficits is their dependence on capital inflows, which can suddenly stop. We make two contributions in this paper: First, we develop a quantitative global-equilibrium model of sudden stops....

I show that an advertising ban is more likely to increase rather than decrease total consumption when advertising does not bring about a large expansion of market demand at given prices and when it increases product differentiation (thus allowing firms to command higher prices). In this case, the main impact of a ban on advertising is to reduce equilibrium prices and thus increase demand. I arg...

Orthographic neighborhood (N) size effects have been extensively studied in English consistently producing a facilitatory effect in word naming tasks. In contrast, several recent studies on Chinese character naming have demonstrated an inhibitory effect of neighborhood size. Response latencies tend to be inhibited by inconsistent characters with large neighborhoods relative to small neighborhoo...

The aim of this paper is to present a comparative study on two different methods for the evaluation of the equilibrium point of a ship, core issue for designing an On Board Stability System (OBSS) module that, starting from geometry information of a ship hull, described by a discrete model in a standard format, and the distribution of all weights onboard calculates the ship floating conditions ...

This article develops a group decision framework with intuitionistic preference relations. An approach is first devised to rectify an inconsistent intuitionistic preference relation to derive an additive consistent one. A new aggregation operator, the so-called induced intuitionistic ordered weighted averaging (IIOWA) operator, is proposed to aggregate individual intuitionistic fuzzy judgments....

BACKGROUND Theory predicts strong bottom-up control in detritus-based food webs, yet field experiments with detritus-based terrestrial systems have uncovered contradictory evidence regarding the strength and pervasiveness of bottom-up control processes. Two factors likely leading to contradictory results are experiment duration, which influences exposure to temporal variation in abiotic factors...

This paper proposes a structural non-equilibrium model of initial responses to incompleteinformation games based on "level-k" thinking, which describes behavior in many experiments with complete-information games. We derive the model's implications in firstand second-price auctions with general information structures, compare them to equilibrium and Eyster and Rabin's (2005) "cursed equilibrium...

BACKGROUND Many reviews aim to compare numerous treatments and report results stratified by subgroups (eg, by disease severity). In such cases, a network meta-analysis model including treatment by covariate interactions can estimate the relative effects of all treatment pairings for each subgroup of patients. Two key assumptions underlie such models: consistency of treatment effects and consist...