Nash equilibrium
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Our understanding of the economy will be more tangible and vivid if we can in principle explain all the economic decisions of every agent in the economy. This lecture demonstrates, with two examples, how the theory lets us calculate equilibrium prices and allocations in a simple economy, either by hand or using a computer. In future lectures we shall extend this method so as to compute equilibrium in financial economies with stocks and bon...more
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In this lecture, Professor Lewin displays how the conservation of mechanical energy can be used to derive the equation of motion for simple harmonic oscillators (SHO). In doing so he covers gravitational potential energy, equilibrium points where the net force is zero, parabolic potential energy, and circular potential energy.
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Continuing the discussion of Lewis structures and chemical forces from the previous lecture, Professor McBride introduces the double-well potential of the ozone molecule and its structural equilibrium. The inability for inverse-square force laws to account for stable arrangements of charged particles is prescribed by Earnshaw's Theorem, which may be visualized by means of lines of force. J.J. Thomson circumvented Earnshaw's prohibition on ...more
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Over time, economists' justifications for why free markets are a good thing have changed. In the first few classes, we saw how under some conditions, the competitive allocation maximizes the sum of agents' utilities. When it was found that this property didn't hold generally, the idea of Pareto efficiency was developed. This class reviews two proofs that equilibrium is Pareto efficient, looking at the arguments of economists Edgeworth and ...more
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We discuss evolution and game theory, and introduce the concept of evolutionary stability. We ask what kinds of strategies are evolutionarily stable, and how this idea from biology relates to concepts from economics like domination and Nash equilibrium.
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This course attempts to explain the role and the importance of the financial system in the global economy. Rather than separating off the financial world from the rest of the economy, financial equilibrium is studied as an extension of economic equilibrium. The course also gives a picture of the kind of thinking and analysis done by hedge funds.
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Professor Sylvia Ceyer explains the standard Gibbs free energy of formation and its relationship to thermodynamic stability. The Second Law of Thermodynamics is defined as it relates to controlling spontaneity with temperature. The lecture concludes by defining the thermodynamic equilibrium constant and the reaction quotient/direction of change in a chemical equilibrium.
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This course is an introduction to game theory and strategic thinking. Ideas such as dominance, backward induction, Nash equilibrium, evolutionary stability, commitment, credibility, asymmetric information, adverse selection, and signaling are discussed and applied to games played in class and to examples drawn from economics, politics, the movies, and elsewhere.
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Stoichiometry of chemical reactions, quantum mechanical description of atoms, the elements and periodic table, chemical bonding, real and ideal gases, thermochemistry, introduction to thermodynamics and equilibrium, acid-base and solubility equilibria, introduction to oxidation-reduction reactions.
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Understanding allele and genotype frequency in population in Hardy-Weinberg Equilibrium.
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Ignoring the solution or the solid state molecules when calculating the equilibrium constant.
