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单词 multiple equilibrium
释义 multiple equilibrium

The possibility that equilibrium is not unique. The conditions for equilibrium are that no agent should want to act differently, given their expectations of the reactions of all other agents in the system. These conditions may be satisfied at more than one set of values of the relevant variables. In macroeconomics, for example, there could be two equilibrium levels of national income: a high-level state where everybody is optimistic and spends freely, causing a boom; and a low-level equilibrium where everybody is pessimistic and hoards their money, causing a slump. Where multiple equilibria are locally stable, after a small disturbance a system will return to the equilibrium it was at before, but large disturbances may cause the system to shift to a different equilibrium.

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更新时间:2025/1/22 16:15:41