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  1. 1 Panek E.

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STATIONARY MARKET MODEL WITH NON-CLASSICAL DYNAMICS OF PRICES

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Panek E.
Przegląd Statystyczny
|
2005
|
vol. 52
|
issue 3
23-36
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.
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