Equilibrium Quotes - page 5
My interest in game-theoretic problems in a narrower sense was first aroused by John Nash's four brilliant papers, published in the period 1950-53, on cooperative and on noncooperative games, on two-person bargaining games and on mutually optimal threat strategies in such games, and on what we now call Nash equilibria.
John Harsanyi
It is necessary to restore the dignity of the presidential office and cut it off decisively from non-transparent connections... For the first time in many years, I see a chance in Poland for major change. The presidential office can guarantee that these changes are carried out without undermining the social equilibrium.
Lech Kaczyński
We need to recognise that the entire information sector-from music to newspapers to telecoms to internet to semiconductors and anything in-between-has become subject to a gigantic market failure in slow motion. A market failure exists when market prices cannot reach a self-sustaining equilibrium. The market failure of the entire information sector is one of the fundamental trends of our time, with far-reaching long-term effects, and it is happening right in front of our eyes.
Eli Noam
In the Autumn semester, 1955, I taught Principles of Economics, and found it a challenge to convey basic microeconomic theory to students. Why/how could any market approximate a competitive equilibrium? I resolved that on the first day of class the following semester, I would try running a market experiment that would give the students an opportunity to experience an actual market, and me the opportunity to observe one in which I knew, but they did not know what were the alleged driving conditions of supply and demand in that market.
Vernon L. Smith
In those three years, (from fourteen to seventeen years old)... I came to understand the meaning of a drawing from the life, the synthesis of my art, and the rhythm of animais. I remember that a companion of those days,' of whom I hâve since lost sight, made me see, in a couple of hours, on a very true and simple principle, an observation of the necessary equilibria of movement not taught in the schools, the secret of the plans of a figure. That lesson has influenced my whole life. As for the ornament-maker, in whose workshop I earned a scanty wage, I long deplored being constrained to do so, but I hâve since thought with affection of it, understanding that there are as many sources of beauty in ornament as in the face.
Auguste Rodin
Game theory concepts were first explicitly applied in evolutionary biology by Lewontin (1961). His approach, however, was to picture a species as playing a game against nature, and to seek strategies which minimised the probability of extinction. A similar line has been taken by Slobodkin & Rapoport (1974). In contrast, here we picture members of a population as playing games against each other, and consider the population dynamics and equilibria which can arise.
John Maynard Smith
I see in painters prose writers and poets. Rhyme, measure, and the turning of verses, which is indispensable and which gives them so much vigor, are analogous to the hidden symmetry, to the equilibrium at once wise and inspired, which governs the meeting or separation of lines and spaces, the echoes of color, etc... ..but the beauty of verse does not consist of exactitude in obeying rules.. .It resides in a thousand secret harmonies and conventions which make up the power of poetry and which go straight to the imagination; in just the same way the happy choice of forms and the right understanding of their relationship act on the imagination in the art of painting.
Eugène Delacroix
Tektology is concerned only with activities, but activities are characterized by the fact that they produce changes. From this point of view it is out of the question to think about a simple and pure "preservation" of forms, one that would constitute a real absence of changes. Preservation is always only a result of immediately equilibrating each of the appearing changes by another opposing change; it Is a dynamic equilibrium of changes.
Alexander Bogdanov
The empirical successes of [the three-factor model] suggest that it is an equilibrium pricing model, a three-factor version of Merton's (1973) intertemporal CAPM (ICAPM) or Ross's (1976) arbitrage pricing theory (APT). In this view, SMB and HML mimic combinations of two underlying risk factors or state variables of special hedging concern to investors.
Eugene Fama
Some years ago I found myself in discussion with a friend who entertained the notion that the general tendency of things in this world is towards equilibrium, the result of which would be peace and blessedness to the human race. My notion, was that equilibrium meant... death. No motive power is to be got from heat, save during its fall from a higher to a lower temperature, as no power is to be got from water save during its descent from a higher to a lower level. Thus also life consists, not in equilibrium, but in the passage towards equilibrium. In man it is the leap from the potential through the actual to repose.
John Tyndall
...we must go to the poets to see what they all meant by it; but the sum is an emotion - clear and strong as love and much clearer than logic,- whose charm lies in its unstable balance. The Transition is the equilibrium between the Love of God,- which is Faith, and the Logic of God,- which is Reason; between the round arch and the pointed. One may not be sure which pleases most, but one need not be harsh towards people who think that the moment of balance is exquisite. The last and highest moment is seen at Chartres where, in 1200, the charm depends on the constant doubt whether emotion or science is uppermost.
Henry Adams
