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Global stability conditions on the plane

Mukherji, Anjan (contributor) - 2003 - [Elektronische Ressource]

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...

Persistent link: https://www.econbiz.de/10001785602

Evolutionary finance

Evstigneev, Igor V.; Hens, Thorsten; Schenk-Hoppé, … - 2008

authors in the theory and applications of evolutionary finance models. An introduction to and the motivation of the modeling … strategies, discusses the relation to the Kelly rule and implications for asset pricing theory, and introduces a continuous …

Persistent link: https://www.econbiz.de/10003961707

Stabilizing the economy : market design and general equilibrium

Goeree, Jacob K.; Lindsay, Luke - 2012

Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …

Persistent link: https://www.econbiz.de/10009743925

Global invertibility of excess demand functions

Covarrubias, Enrique - 2013

In this paper we provide necessary and sufficient conditions for the excess demand function of a pure exchange economy to be globally invertible so that there is a unique equilibrium. Indeed, we show that an excess demand function is globally invertible if and only if its Jacobian never vanishes...

Persistent link: https://www.econbiz.de/10010205985

Trading networks with frictions

Fleiner, Tamás; Jagadeesan, Ravi; Jankó, Zsuzsanna; … - 2020

We show how frictions and continuous transfers jointly affect equilibria in a model of matching in trading networks. Our model incorporates distortionary frictions such as transaction taxes, bargaining costs, and incomplete markets. When contracts are fully substitutable for firms, competitive...

Persistent link: https://www.econbiz.de/10012212204

Bargaining, search, and outside options

Gantner, Anita - 2007

This paper studies a two-sided incomplete information bargaining model between a seller and a buyer. The buyer has an outside option, which is modeled as a sequential search process during which he can also choose to return to bargaining at any time. Two cases considered: In Regime I, both...

Persistent link: https://www.econbiz.de/10009731150

Bargaining, search, and outside options

Gantner, Anita - 2007

Persistent link: https://www.econbiz.de/10003568122

The relevance of grid expansion under zonal markets

Bertsch, Joachim; Brown, Tom; Hagspiel, Simeon; Just, Lisa - 2015

The European electricity market design is based on zonal markets with uniform prices. Locational price signals within these zones - necessary to ensure long-term efficiency - are not provided. Specifically, if intra-zonal congestion occurs due to missing grid expansion, the market design is...

Persistent link: https://www.econbiz.de/10011442918

A fresh look on economic evolution from kinetic viewpoint

Lehmann-Waffenschmidt, Marco - 2003

Persistent link: https://www.econbiz.de/10001757714

A fresh look on economic evolution from kinetic viewpoint

Lehmann-Waffenschmidt, Marco - 2003

The present paper makes a contribution to fill in a gap left open by dynamic theory and evolutionary economics as well …. While the "closed loop" dynamic theory has explanation power in analyzing evolving economic systems at the price of …

Persistent link: https://www.econbiz.de/10010506636