On the dynamics of a durable commodity market
2017
Disequilibria phenomenon appears in the economic model of durable stocks proposed by A. Panchuck and T. Puu in [ 7 ]. In this paper, assuming that agents have the same utility functions, we give not only bounds of the disequilibrium but also prove the existence of a compact set of no-trade points such that it does not depend on the initial stock distribution. We also give a description of the nature of \begin{document}$ \omega $\end{document} –limit sets in the general case proving that disequilibrium points can be attained as limit points of orbits.
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