bifurcations in economics and game theory
Bifurcations in economics and game theory refer to critical points in which the behavior of a system or a game dramatically changes due to small variations in its parameters or initial conditions. It signifies the presence of distinct alternative outcomes or equilibria, leading to a division or fork in future paths or strategies, shaping the dynamics and potential outcomes of economic and strategic interactions.
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Related Concepts (21)
- behavioral economics and game theory
- bertrand competition
- bifurcations
- chaos theory
- cooperative versus non-cooperative games
- cournot competition
- decision theory
- duopoly
- dynamic games
- economic equilibrium
- equilibrium selection
- equilibrium strategies
- evolutionary game theory
- game theory
- market dynamics
- matching markets
- nash equilibrium
- nonlinear dynamics
- prisoners' dilemma
- stable and unstable equilibria
- strategic interactions
Similar Concepts
- bifurcation
- bifurcation analysis
- bifurcation theory
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