The Complexity of Coordination
Tóm tắt
The traditional mechanism of finding Nash equilibria presumes economic actors are capable of performing computations that even computers would take far too long to complete. A decentralized and parallel process of interactions between simple economic actors is presented as a more plausible microfoundation of the concept of Nash equilibria. It is found that agent interactions on a scale-free network converge to an equilibrium within reasonable time. NP computational complexity of Nash equilibria does not diminish its empirical relevance.
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