• Title, Summary, Keyword: equilibrium

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Partial Equilibrium Analysis and Long-run Equilibrium: Full Industry Equilibrium (부분균형분석과 장기균형: 산업완결균형)

  • Park, Man-Seop
    • 사회경제평론
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    • v.31 no.3
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    • pp.131-163
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    • 2018
  • The long-run equilibrium of an economy is a situation where all firms in the economy realize the condition of 'extra profits = 0'. The conventional partial equilibrium (PE) analysis, which is based on the assumption of 'ceteris paribus', conflicts logically with the long run equilibrium. 'Full industry equilibrium' (FIE) deals with long-run equilibrium in the framework of partial equilibrium; FIE requires the adjustment of more variables than PE. The comparative statics analysis of FIE shows that many results of the conventional PE does not hold. The present paper intends to introduce the background and significance of FIE. In its course, the paper discusses similarities and differences between FIE and the Capital Controversies of the 1960s and 1970s, and highlights the critical and constructive significances of FIE.

A Derivation of the Equilibrium Point for a Controller of a Wheeled Inverted Pendulum Running on an Inclined Road (경사면을 주행하는 차륜형 역진자의 평형점 상태에 관한 연구)

  • Lee, Se-Han;Kang, Jae-Gwan
    • Journal of the Korean Society for Precision Engineering
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    • v.29 no.1
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    • pp.72-78
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    • 2012
  • In this research an equilibrium point of a Wheeled Inverted Pendulum (WIP) running on an inclined road is derived and validated by some experiments. Generally, The WIP has stable and unstable equilibrium point. Only unstable equilibrium point is interested in the research. To keep the WIP on the unstable equilibrium point, the WIP is consistently controlled. A controller for the WIP needs a reference state for the equilibrium point. The reference state can be obtained by studying an equilibrium point of the WIP. This research is deriving dynamic equations of the WIP running on the inclined road and equilibrium of it based on statics. Several experiments are carried out to show the validation of the equilibrium point.

The Impact on the Investment Signaling Equilibrium of the Capital Structure

  • Park, Kyung-Uk
    • The Korean Journal of Financial Studies
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    • v.2 no.1
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    • pp.189-214
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    • 1995
  • We examine the existence of the investment signaling equilibrium without assuming a specific utility function for the managers of the corporations. We assume the managers have the initial holdings of their own corporations as a form of the executive compensation. Under the different financing schemes to finance the investment, the new equity financing and the risky debt financing, we derive the investment signaling equilibrium and compare the the investment signaling equilibrium under each financing scheme. We show that the investment signaling equilibrium with each financing will obtain with the underinvestment of the high quality firm and that the investment signaling equilibrium with the risky debt financing will dominate the investment signaling equilibrium with the new equity financing.

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Locally Competitive Equilibrium and Properties (부분 경쟁 균형 및 균형의 특성)

  • Kim, Do-Whan
    • Korean Management Science Review
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    • v.26 no.1
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    • pp.1-5
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    • 2009
  • I study a solution concept which preserves the nice Nash equilibrium properties of two-person zero-sum games, and define a locally competitive equilibrium which is characterized by a saddle point with respect to the coordinates of strategies. I show that a locally competitive equilibrium shares the properties of uniqueness of equilibrium payoffs, interchangeablity of equilibrium strategies and convexity of the equilibrium set.

The Effects of Elastic Resistance Exercise of Limbo-Pelvic region and upper Limbs Muscle on Equilibrium Ability and Shoulder Pain of the Elderly (요골반부와 상지근육에 대한 탄성저항 운동이 노인들의 균형능력 및 어깨통증에 미치는 영향)

  • Kim, Sang-Su;Gong, Won-Tae
    • The Journal of Korean of Orthopedic Manual Physical Therapy
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    • v.14 no.1
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    • pp.15-23
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    • 2008
  • Purpose : To evaluate the effects of elastic resistance exercise of lumbo-pelvic region and upper limbs muscle on equilibrium ability and shoulder pain of the elderly. Methods : The subject consisted of sixteen healthy elderly people(14 females. 2 males). They were from 61 to 83 years old and the mean age was 68.06. All subjects were assigned only the elastic resistance exercise group. The subject group received elastic resistance exercise for about 60 minutes per day, two times per weeks, during 8 weeks period. A Stop watch was used to measure static equilibrium ability and dynamic equilibrium ability and then pressure algometer was used to measure shoulder press pain threshold. All measurements of each subjects were measured at pre-experiment and post-experiment stage. SPSS 12.0 program was used to compile results. A Paired samples t-test was conducted to examine changes of static equilibrium, dynamic equilibrium and shoulder press pain threshold between pre-experiment and post-experiment. Results : The static equilibrium ability, dynamic equilibrium ability and shoulder press pain threshold were significantly differences between pre-experiment and post-experiment(p<.05). Conclusion : This data suggests that an eight week elastic resistance exercise improved static equilibrium ability and dynamic equilibrium ability and then reduced shoulder pain.

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Diurnal Variations of Equilibrium Factor and Unattached fraction of Radon Progeny in Some Houses and Laboratories (가옥 및 실험실내 라돈평형인자, 비 흡착 라돈자손 비율의 일일 변동 특성)

  • Lee, Seung-Chan;Kim, Chang-Kyu;Lee, Dong-Myung;Kang, Hee-Dong
    • Journal of Radiation Protection and Research
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    • v.26 no.4
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    • pp.399-408
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    • 2001
  • The variation characteristics of radon concentration, equilibrium equivalent concentration and equilibrium factor in some houses and laboratory buildings have been studied. The variation of equilibrium factor and the unattached fraction of radon progeny with ventilation condition have been also estimated. The averages of radon concentration, equilibrium equivalent concentration and equilibrium factor were $30\;Bq\;m^{-3},\;19.6\;Bq\;m^{-3}$ and 0.65 in seven houses, while $55.0\;Bq\;m^{-3},\;31.9\;Bq\;m^{-3}$ and 0.58 in three laboratory buildings, respectively. The diurnal variation of radon concentration, equilibrium equivalent concentration and equilibrium factor in indoor showed a typical pattern that the radon concentration, equilibrium equivalent concentration and equilibrium factor increased at dawn and morning, while decreased at midday and evening. While the equilibrium factor rate deceased in the indoor environment which was well ventilated, the unattached traction of radon progeny increased. The equilibrium factor was in proportion to air pressure and humidity of indoor, whereas in Inverse proportion to temperature.

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Supply Function Nash Equilibrium Considering Stochastic Demand Function (확률적 수요함수를 고려한 공급함수의 전략변수 내쉬균형 연구)

  • Lee, Kwang-Ho
    • The Transactions of The Korean Institute of Electrical Engineers
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    • v.57 no.1
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    • pp.20-24
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    • 2008
  • A bid-based pool(BBP) model is representative of energy market structure in a number of restructured electricity markets. Supply function equilibrium(SFE) models of interaction better match what is explicitly required in the bid formats of typical BBP markets. Many of the results in the SFE literature involve restrictive parametrization of the bid cost functions. In the SFE models, two parameters, intercept and slope, are available for strategic bidding. This paper addresses the realistic competition format that players can choose both parameters arbitrarily. In a fixed demand function, equilibrium conditions for generation company's profit maximization have a degree of freedom, which induces multi-equilibrium. So it is hard to choose a convergent equilibrium. However, consideration of stochastic demand function makes the equilibrium conditions independent each other based on the amount of variance of stochastic demand function. This variance provides the bidding players with incentives to change the slope parameter from an equilibrium for a fixed demand function until the slope parameter equilibrium.

Numerical Study of Chemical Performance of 30 tonf -class LRE Nozzle of KARI

  • Kang, Ki-Ha;Lee, Dae-Sung;Cho, Deok-Rae;Choi, H.S.;Choi, J.Y.
    • Proceedings of the Korean Society of Propulsion Engineers Conference
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    • pp.448-451
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    • 2008
  • Three methods of nozzle flow analysis, frozen-equilibrium, shifting-equilibrium and non-equilibrium approaches, were used to rocket nozzle flow, those were coupled with the methods of computational fluid dynamics code. For a design of high temperature rocket nozzle, chemical equilibrium analysis which shares the same numerical characteristics with frozen flow analysis can be an efficient design tool for predicting maximum thermodynamic performance of the nozzle. Frozen fluid analysis presents the minimum performance of the nozzle because of no consideration for the energy recovery. On the other hand, the case of chemical-equilibrium analysis is able to forecast the maximum performance of the nozzle due to consideration for the energy recovery that is produced for the fast reaction velocity compared with velocity of moving fluid. In this study, using the chemical equilibrium flow analysis code that is combined the modified frozen-equilibrium and the chemical-equilibrium. In order to understand the thermochemical characteristic components and the accompanying energy recovery, shifting-equilibrium flow analysis was carried out for the 30 $ton_f$-class KARI liquid rocket engine nozzle together with frozen flow. The performance evaluation based on the 30 $ton_f$-class KARI LRE nozzle flow analyses will provide an understanding of the thermochemical process in the nozzle and performances of nozzle.

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Equilibrium Points of Bimatrix Games: A State-of-the-Art (쌍행열게임의 평형점)

  • Kim, Yeo-Geun
    • Journal of the military operations research society of Korea
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    • v.8 no.2
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    • pp.57-68
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    • 1982
  • Bimatrix games are the two-person non-zero-sum non-cooperative games. These games were studied by Mills, Lemke, Howson, Millham, Winkels, and others. This paper is a systematic and synthetic survey relevant to bimatrix games. Among the many aspects of researches on bimatrix games, emphasis in this paper is placed on the relation of the equilibrium set to Nash subsets. Topics discussed are as follows: Properties of equilibrium point; The structure of equilibrium set; Relation of Nash subsets to equilibrium set; Algorithm for finding the equilibrium points; Concepts of solutions on bimatrix games.

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WEAK AND STRONG CONVERGENCE THEOREMS FOR A SYSTEM OF MIXED EQUILIBRIUM PROBLEMS AND A NONEXPANSIVE MAPPING IN HILBERT SPACES

  • Plubtieng, Somyot;Sombut, Kamonrat
    • Bulletin of the Korean Mathematical Society
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    • v.50 no.2
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    • pp.375-388
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    • 2013
  • In this paper, we introduce an iterative sequence for finding solution of a system of mixed equilibrium problems and the set of fixed points of a nonexpansive mapping in Hilbert spaces. Then, the weak and strong convergence theorems are proved under some parameters controlling conditions. Moreover, we apply our result to fixed point problems, system of equilibrium problems, general system of variational inequalities, mixed equilibrium problem, equilibrium problem and variational inequality.