Memory, market stability and the nonlinear cobweb theorem
Date
2004
Authors
Gaffney, J.
Pearce, C.
Editors
Advisors
Journal Title
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Volume Title
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Journal article
Citation
Australia and New Zealand Industrial and Applied Mathematics (ANZIAM) Journal, 2004; 45:547-555
Statement of Responsibility
J. M. Gaffney and C. E. M. Pearce
Conference Name
Abstract
Carlson has shown that if the predicted price in the linear cobweb model is taken as the average of all previous actual prices, then stability results independently of parameter values provided only that the demand--curve gradient is less than that of the supply curve. This result has subsequently been generalised by Manning and by Holmes and Manning. We investigate the robustness of their results.
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Dissertation Note
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© Australian Mathematical Society The document attached has been archived with permission from the publisher.