Properties of Equilibrium
Three basic properties of equilibrium in general have been proposed by Huw Dixon, These are:
Equilibrium property P1: The behaviour of agents is consistent.
Equilibrium property P2: No agent has an incentive to change its behaviour.
Equilibrium Property P3: Equilibrium is the outcome of some dynamic process (stability).
Read more about this topic: Economic Equilibrium
Famous quotes containing the words properties of, properties and/or equilibrium:
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—John Locke (1632–1704)
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—Horace Walpole (1717–1797)