PL EN


2005 | 52 | 3 | 23-36
Article title

STATIONARY MARKET MODEL WITH NON-CLASSICAL DYNAMICS OF PRICES

Authors
Title variants
Languages of publication
PL
Abstracts
EN
According to a standard price-mechanism, under perfect competition a lack (surplus) of a good causes its price to grow (fall) and the equilibration of demand and supply stabilizes the price. There exist a vast literature on the said mechanism, though the 'real - life' price mechanism differs from that presented above. The paper is concerned with a model of a competitive market under non-classical mechanism of 'pure' competition. In the majority of publications it is assumed that the market processes run continually, which leads to a system of differential equations. Assuming that time is discrete two versions of a stationary market model under non-classical price-dynamics were analysed. At the same time the necessary conditions for existence of equilibrium in the both versions were formulated and the theorems on local and global stability of the market were proved. While proving the global stability theorem the author mimicked the Banach contraction fixed-point theorem.
Year
Volume
52
Issue
3
Pages
23-36
Physical description
Document type
ARTICLE
Contributors
author
  • E. Panek, Akademia Ekonomiczna w Poznaniu, Katedra Ekonomii Matematycznej, al. Niepodleglosci 10, 60-967 Poznan, Poland
References
Document Type
Publication order reference
Identifiers
CEJSH db identifier
05PLAAAA00451118
YADDA identifier
bwmeta1.element.bdd45e60-034d-3f3d-a413-3561d76fa9d3
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