Nonlinear-cobweb dynamics in the approach to equilibrium

• Autores: J. M. Gaffney, C. E. M. Pearce
• Localización: Anziam journal: The Australian & New Zealand industrial and applied mahtematics journal, ISSN 1446-1811, Vol. 46, Nº 1, 2004, págs. 79-84
• Idioma: inglés
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• Resumen

  • We discuss some propositions of Holmes and Manning relating to the evolution of price in a cobweb market approaching equilibrium. We find in particular that the detailed behaviour of the linear model is quite typical of nonlinear cobweb models.