NON-STATIONARY MARKET WITH NON-CLASSICAL EQUATION OF THE PRICE-DYNAMICS

• Authors: Panek E.
• Languages of publication: PL

Abstracts

EN

Referring to his paper in print, describing a process of approaching the equilibrium prices on a stationary market, the author considers the non-stationary version of the market model, in case when the prices of goods depend not only on demand and supply, but also on time. He shows, that even when there are no equilibrium prices (in their classical sense), the market is not deprived of its second fundamental property, namely, of stability that is understood as convergence of every pair of prices trajectories to each other . The convergence could become only an interesting mathematical fact (without any economic content) if there would be no equilibration of demand and supply. On the non-stationary market (when the prices depend on supply, demand and time ), the demand for a good offered at the same price can be higher (or lower) than its supply when time changes.The author shows that in his model, under some rather weak additional conditions, the equalization of supply and demand characterizes all susceptible trajectories of prices.

Keywords

EN

NON-STATIONARY MARKET

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Główny Urząd Statystyczny
• Journal: Przegląd Statystyczny
• Year: 2005
• Volume: 52
• Issue: 3
• Pages: 65-72
• Document type: ARTICLE

Contributors

author

Panek E.

• E. Panek, Akademia Ekonomiczna w Poznaniu, Katedra Ekonomii Matematycznej, al. Niepodleglosci 10, 60-967 Poznan, Poland

Identifiers

CEJSH db identifier

05PLAAAA00451120