Recent work in the field of multi-agent systems has sought to use techniques and concepts from the field of formal methods to provide rigorous theoretical analysis and guarantees on complex systems where multiple agents strategically interact, leading to the creation of the field of equilibrium analysis, which studies equilibria concepts from the field of game theory through a complexity-theoretic lens. Multi-agent systems, however, are complex mathematical objects, and, therefore, defining them in a precise mathematical manner is non-trivial. As a result, researchers often considered more restrictive models that are easier to model but lack expressive power or simply omit critical complexity-theoretic results in their analysis. This paper addresses this problem by carefully analyzing and contrasting complexity-theoretic results in the explicit model, a mathematically precise formulation of the models commonly used in the literature, and the circuit-based model, a novel model that addresses the problems found in the literature. The utility of the circuit-based model is demonstrated through a comprehensive analysis that considers upper and lower bounds for the realizability and verification problems, the two most important decision problems in equilibrium analysis, for both models. By conducting this analysis, we see that problematic issues that are endemic to the explicit model and the equilibrium analysis literature as a whole are adequately handled by the circuit-based model.

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