This condition is met in an iterative process called tatonnement, or groping, according to a certain model of an auction.
This condition is met in an iterative process called tatonnement, or groping, according to a certain model of an auction. In The Strategy of Conflict, Thomas Schelling proposed focal points as these types of conditions in coordination games. In exogenous growth models, an economy meets this condition when the variables describing it reach a balanced growth. The general type of this condition is the subject of a theory proposed by Leon (*) Walras. According to another theory, this condition is met when a mixed strategy minimizes the maximum loss. In game theory, this condition is met if no party can unilaterally make themselves better off. For 10 points, name this condition, that occurs in economics when the market supply equals the market demand.
This condition is met in an iterative process called tatonnement, or groping, according to a certain model of an auction.
Nash equilibrium