'Satisficing equilibrium'
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As part of the ‘Perspectives from the MFO’ Lecture Series
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Bary Pradelski (MFO)
I will introduce a new equilibrium concept --- satisficing equilibrium --- that combines the analytic rigor of equilibrium analysis with insights from the literature on bounded rationality. To make it accessible, I will first revisit Nash equilibrium, the central concept in economic theory that assumes that agents behave optimally.