We consider a typical master equation describing thermal time-evolution. In parallel, we also consider a quasi static canonical description of the same problem. We are able to devise a way of numerically comparing these ...

Lucas (2000) has shown that Bailey’s formula for the welfare costs of inflation can be regarded as an approximation to the general-equilibrium measures that emerge from the Sidrauski and the shopping-time models. In this ...

We described a method to solve deterministic and stochastic Walras equilibrium models based on associating with the given problem a bifunction whose maxinf-points turn out to be equilibrium points. The numerical procedure ...

We combine general equilibrium theory and théorie générale of stochastic processes to derive structural results about equilibrium state prices.

We present a transit equilibrium model in which boarding decisions are stochastic. The model incorporates congestion, reflected in higher waiting times at bus stops and increasing in-vehicle travel time. The stochastic ...

In this paper we consider a game theory approach for representing a real-world attacker–defender Stackelberg security game. In this novel approach the behavior of an ergodic system (repeated stochastic Markov chain game) ...

Actually, transition from positive to negative plasma current and quasi-steady-state alternated current (AC) operation have been achieved experimentally without loss of ionization. The large transition times suggest the ...