Concept information
Preferred term
equilibrium in economics and game theory
Definition
- At the core of modern economics lies the notion of equilibrium. The possibility of identifying how the actions of different agents eventually define a resting point provides the economic analysis with a powerful instrument to foresee some of the consequences of different economic policies. [Source: Encyclopedia of Philosophy and the Social Sciences; Equilibrium in Economics and Game Theory]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/equilibrium_in_economics_and_game_theory
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