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This article explains why the housing and commercial real estate market are in a permanent disequilibrium. The real …
Persistent link: https://www.econbiz.de/10011261025
Game theory has been employed traditionally as a modeling tool for describing and influencing behavior in societal systems. Recently, game theory has emerged as a valuable tool for controlling or prescribing behavior in distributed engineered systems. The rationale for this new perspective stems...
Persistent link: https://www.econbiz.de/10011262729
It is shown that it is possible to construct a disequilibrium microeconomics in which agents react to the evidence of … disequilibrium (inventories, nonnormal ratio of capacity utilization, etc.). In a one good model, we describe the set of fixed points … In addition to normal equilibrium, two stationary disequilibria also exist (or regimes of long-term disequilibrium …
Persistent link: https://www.econbiz.de/10011265515
analysing the disequilibrium dynamics of markets in which trade at non-market clearing prices would occur, was not that … phenomenon's policy importance, and, along with his earlier analysis of employment fluctuations, provides still important …
Persistent link: https://www.econbiz.de/10005212379
The paper presents the debate over economic calculation under socialism that took place in the interwar period. The author explains why and how important was the debate for the history of economic thought. The main conclusion of this article is that the debate was not only an important episode...
Persistent link: https://www.econbiz.de/10005258246
contributing to the financial stability of an economy. Paper [II] derives an econometric disequilibrium model for time series data …
Persistent link: https://www.econbiz.de/10010538873
issues. Our findings demonstrate that long distance migration reflects a disequilibrium model of migration whereas short …
Persistent link: https://www.econbiz.de/10009226605
The evolution, the development is based on the energies consumed in order to solve the disequilibrium that appear when … systems get harmonized. Evolution is a set of disequilibrium that has passed into a harmony zone. Still this does not mean … that there is an absolute lack of disequilibrium. Therefore, evolution is a result of the disequilibrium that has been …
Persistent link: https://www.econbiz.de/10009293353
Equilibrium and tâtonnement in Walras' Eléments Franco Donzelli Abstract Two alternative interpretations of the equilibrium notion employed by Walras in the Eléments and related writings have been recurrently suggested in the literature: a "stationary" interpretation and an "instantaneous"...
Persistent link: https://www.econbiz.de/10009324387
In his economic writings Jevons insists on the allegedly fundamental role played by the so-called "laws of supply and demand" in his theory of exchange; yet no demand-and-supply analysis is actually employed in deriving such theory, as developed in Chapter 4 of The Theory of Political Economy...
Persistent link: https://www.econbiz.de/10009324429