In the context of markets, equilibrium is when there's a balance between supply and demand, causing prices to stabilize. When there's an imbalance between supply and demand, prices tend to ...

In the Nash equilibrium, each player’s strategy is optimal when considering the decisions of other players. The prisoner’s dilemma is a common game theory example and is often used to showcase ...

Equilibrium represents the ideal balance between ... Let's look at a negative externality example of a factory that produces widgets. It pollutes the environment during the production process.

This describes how much of the reactants (on the left) and the products (on the right) are present at equilibrium. The diagram below shows an example of an equilibrium on the left and an ...

which is allowing him to explore thermodynamics of off-equilibrium systems that have many explicitly distinguished subsystems coevolving according to a Bayes net. As an example of the power of ...

This process stops when both reach the same temperature—that is, when the two are in thermal equilibrium. From that point on, nothing changes. A common example is when you put ice in a glass of ...

This paper explores a number of methodological issues that arise in the calculation of equilibrium exchange rates, which are identified in this paper as those real effective exchange rates consistent ...

Symmetry-breaking phase transitions are an example of non-equilibrium processes that require real-time treatment, a major challenge in strongly coupled systems without long-lived quasiparticles.