| 单词 | equilibrium |
| 释义 | equilibrium A situation in which nobody has any immediate reason to change their actions, so that the status quo can continue, at least temporarily. This concept is applied in economics in a number of related ways. These concern microeconomics, macroeconomics, and game theory. 1) In microeconomics, the simplest form of equilibrium analysis looks at a single market. Because repercussions in the rest of the economy are ignored, this is called partial equilibrium analysis. Equilibrium price is that at which quantity supplied and quantity demanded are equal, and equilibrium quantity is that at which the marginal valuation put on the good by purchasers equals the marginal supply price, which for competitive producers is their marginal cost. Under normal assumptions the demand curve in a competitive market slopes downwards, and the supply curve slopes upwards. Equilibrium exists where the supply and demand curves cross: it is unique if they cross only once. The equilibrium price is the price that clears the market. Such an equilibrium will be stable because it will not pay either party to try to trade at any but the equilibrium price. In a more complex approach several markets are considered simultaneously: this is termed general equilibrium analysis. Repercussions of what happens in one market on the other markets are considered; general equilibrium requires that all markets clear at once. The conditions for the existence and uniqueness of general equilibrium are often very complex, even in competitive equilibrium, that is a situation in which all markets are competitive. 2) In macroeconomics, equilibrium refers to situations when activity and price levels are such that the plans of various groups such as savers and investors are consistent, so that they can all be implemented. There is no reason, for example, why the ex ante savings and investment of any individual or firm should be equal. In the aggregate, however, these plans can only be carried out if the level of national income is such that aggregate savings and investment plans in a closed economy are equal. As each individual's plans depend on expectations about what others will do, macroeconomic equilibrium may not exist, and may not be unique. If macroeconomic equilibrium does exist and is achieved, nobody has any immediate need to change their plans. If equilibrium is not in fact achieved, then at least some people's ex ante intentions must be thwarted, which may induce them to alter their plans. Macroeconomic equilibria may or may not be stable. A stable equilibrium is one where the result of failure to achieve plans is to change them in a way that brings the economy closer to equilibrium. An economy in which disequilibrium induces changes in spending plans which move the economy towards equilibrium is self-equilibrating or self-stabilizing. There is no guarantee, however, that disequilibrium will produce such a result. If it does, convergence may be towards a stationary equilibrium or steady state, or towards a steady growth path. It is also possible that the reactions to disequilibrium may lead to perpetual oscillations. 3) A third application of equilibrium is in game theory. A strategy is a rule adopted by an individual agent whose own actions are made conditional on those they observe in others. An equilibrium in strategies exists if, given the strategies that all other agents are using, no individual agent finds any change of strategy to be desirable. Such an equilibrium may involve all parties taking the others' strategies as given: this is called a Nash equilibrium. Alternatively, one agent may anticipate the reactions of others and act as a ‘Stackelberg leader’ in strategy choice, while other agents act as followers. This gives rise to a Stackelberg equilibrium (named, like the Nash equilibrium, after its inventor). See also: competitive equilibrium, general equilibrium, market equilibrium, multiple equilibrium, Nash equilibrium, partial equilibrium, perfect equilibrium, and tangency equilibrium |
| 随便看 |
|
英汉经管词典收录了3426条经济管理类英汉双解词条，基本涵盖了经济学、管理学、金融学、会计学、证券期货、商务活动等领域的常用英语单词及短语词组的翻译及用法，是学习及工作的有利工具。