Colucci, Domenico; Valori, Vincenzo - Dipartimento di Scienze per l'Economia e l'Impresa, … - 2009
We study a cobweb-type commodity market where n firms operate and characterised by a strictly monotone demand and supply. The firms are assumed to differ in a key parameter governing price expectations which we suppose to be adaptive. We characterise the unique steady state of the resulting...