Monday, November 29, 2010 - 11:00am
1 hour (actually 50 minutes)
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 use 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.