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multiple equilibrium


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The existence of more than one solution to the equations describing the equilibrium of an economic model. The multiple equilibria can be locally unique or there can be a continuum of equilibria. If the equilibria are locally unique there is generally an odd number of them. This fact is useful in computing the set of Nash equilibria for a game: for example, if there are two pure strategy equilbria there must be at least one mixed strategy equilibrium.

Subjects: Economics.


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