PL EN


2005 | 52 | 3 | 65-72
Article title

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

Authors
Title variants
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
Year
Volume
52
Issue
3
Pages
65-72
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
05PLAAAA00451120
YADDA identifier
bwmeta1.element.ddccde2d-822b-3efb-8edc-3c85cd19bf9c
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