search query: @author Hommes, C. / total: 3
reference: 1 / 3
« previous | next »
| Author: | Gouree, J. Hommes, C. Weddepohl, C. |
| Title: | Stability and complex dynamics in a discrete tatonnement model |
| Journal: | Journal of Economic Behavior and Organization
1998 : JAN 15, VOL. 33:3-4, p. 395-410 |
| Index terms: | ECONOMIC BEHAVIOUR STABILIZATION DYNAMIC MODELS |
| Language: | eng |
| Abstract: | In this paper the authors study the dynamics of discrete price adjustment processes. They show that gross substitutability leads to a kind of stability of the process as it guarantees that all the prices converge to some bounded region that contains the unique equilibrium price. The dynamics inside this region is by no means trivial. The authors demonstrate that as the speed of adjustment increases the process undergoes several bifurications and the dynamics may become quite complex. |
« previous | next »
SCIMA