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

Series
Research Horizons Seminar
Time
Wednesday, November 3, 2010 - 12:00pm for 1 hour (actually 50 minutes)
Location
Skiles 171
Speaker
Federico Bonetto – School of Mathematics - Georgia Institute of Technology – http://people.math.gatech.edu/~bonetto/
Organizer
Ricardo Restrepo

Please Note: 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.