Global Stability Conditions on the Plane

The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions is identified which guarantee not only convergence to some equilibrium but also robustness of these properties.

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Year of publication:	2003-07
Authors:	Mukherji, Anjan
Institutions:	Institute of Social and Economic Research (ISER), Osaka University

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Series:	ISER Discussion Paper.
Type of publication:	Book / Working Paper
Language:	English
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004985730