Equilibria and Complementarity Problems

Steven A. Gabriel, Antonio J. Conejo, J. David Fuller, Benjamin F. Hobbs and Carlos Ruiz
Additional contact information
Steven A. Gabriel: University of Maryland
Antonio J. Conejo: University of Castilla – La Mancha
J. David Fuller: University of Waterloo
Benjamin F. Hobbs: The Johns Hopkins University
Carlos Ruiz: European Foundation for New Energy – EDF École Centrale Paris and Supélec

Chapter Chapter 4 in Complementarity Modeling in Energy Markets, 2013, pp 127-179 from Springer

Abstract: Abstract In this chapter, we explore the notions of equilibria and optimization and show how in some cases they are related. The notion of an equilibrium is a fundamental concept that has been used in a variety of disciplines such as economics, engineering, and science to name just a few. At its core, an equilibrium is a state of the system being modeled for which the system has no “incentive” to change. These incentives can be monetary in the case of economics or based on natural forces and scientific laws such as total input equals total output. Some well-known engineering examples include: conservation of energy, conservation of mass, conservation of momentum [8], steady-state probabilities in Markov chains such as birth-and-death processes [53] to name a few. These and other engineering examples are typified by a balancing of forces or conditions so that the state once reached will not easily (if at all) be left.

Keywords: Nash Equilibrium; Variational Inequality; Equilibrium Problem; Complementarity Problem; Linear Complementarity Problem (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-1-4419-6123-5_4

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DOI: 10.1007/978-1-4419-6123-5_4

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