Stability in a discrete time model of the Walrasian tâtonnement (Article, 1983) [WorldCat.org]
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Stability in a discrete time model of the Walrasian tâtonnement
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Stability in a discrete time model of the Walrasian tâtonnement

Author: Douglas W Hands Affiliation: University of Puget Sound, Tacoma, WA 98416, USA
Edition/Format: Article Article : English
Publication:Journal of Economic Dynamics and Control, v6 (1983): 399-411
Summary:
Almost all of the extensive literature on the stability of the Walrasian tâtonnement models the process in continuous rather than discrete time. Since the motivation for the use of continuous time is primarily mathematical, not economic, and since stability for a continuous time model does not imply the stability of its discrete time analogue, it is of interest to investigate the stability of the Walrasian  Read more...
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Details

Document Type: Article
All Authors / Contributors: Douglas W Hands Affiliation: University of Puget Sound, Tacoma, WA 98416, USA
ISSN:0165-1889
Language Note: English
Unique Identifier: 4930081124
Awards:

Abstract:

Almost all of the extensive literature on the stability of the Walrasian tâtonnement models the process in continuous rather than discrete time. Since the motivation for the use of continuous time is primarily mathematical, not economic, and since stability for a continuous time model does not imply the stability of its discrete time analogue, it is of interest to investigate the stability of the Walrasian tâtonnement modeled in discrete time. The question is of particular importance since much of the recent literature on topics such as expectations, disequilibrium trading, and temporary equilibrium utilizes discrete time. This paper demonstrates that for a certain class of models, conditions known to be sufficient for stability in continuous time are also sufficient in a discrete time formulation of the price adjustment mechanism. Excess demand functions having the properties of gross substitution, dominant diagonals, and the ‘Morishima system’ of complementary commodities, are analyzed.

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