business

Bank of Spain

Organized by function a website may be

• a personal website
• a business website
• a government website or
• a non-government website
• a non-profit organization website or blog

It could be the work of an individual, a business or other organization and is typically dedicated to some particular topic or purpose. Any website can contain a hyperlink to any other website, so the distinction between individual sites, as perceived by the user, may sometimes be blurred.

Websites are written in, or dynamically converted to, HTML (Hyper Text Markup Language) and are accessed using a software program called a Web browser, also known as a HTTP client. Web pages can be viewed or otherwise accessed from a range of computer-based and Internet-enabled devices of various sizes, including desktop computers, laptop computers, PDAs and cell phones.

Economists have used game theory to analyze a wide array of economic phenomena, including auctions, bargaining, duopolies and oligopolies, social network formation, and voting systems. This research usually focuses on particular sets of strategies known as equilibria in games. These "solution concepts" are usually based on what is required by norms of rationality. The most famous of these is the Nash equilibrium. A set of strategies is a Nash equilibrium if each represents a best response to the other strategies. So, if all the players are playing the strategies in a Nash equilibrium, they have no incentive to deviate, since their strategy is the best they can do given what others are doing.

The payoffs of the game are generally taken to represent the utility of individual players. Often in modeling situations the payoffs represent money, which presumably corresponds to an individual's utility. This assumption, however, can be faulty.

Reserve requirement and excess balances held by the Federal Reserve System.