Hostname: page-component-586b7cd67f-t7fkt Total loading time: 0 Render date: 2024-11-30T15:40:50.675Z Has data issue: false hasContentIssue false
  • English
  • Français

Nonlinear-cobweb dynamics in the approach to equilibrium

Published online by Cambridge University Press:  17 February 2009

J. M. Gaffney  and
C. E. M. Pearce
J. M. Gaffney
Affiliation:
School of Applied Mathematics, The University of Adelaide, SA 5005, Australia; e-mail: [email protected] and [email protected].
C. E. M. Pearce
Affiliation:
School of Applied Mathematics, The University of Adelaide, SA 5005, Australia; e-mail: [email protected] and [email protected].
Rights & Permissions [Opens in a new window]

Abstract

Core share and HTML view are not available for this content. However, as you have access to this content, a full PDF is available via the ‘Save PDF’ action button.

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.

Type
Research Article
Information
The ANZIAM Journal , Volume 46 , Issue 1 , July 2004 , pp. 79 - 83
Copyright
Copyright © Australian Mathematical Society 2004

References

[1]Carison, J. A., “An invariably stable cobweb model”, Rev. Econ. Stud. 35 (1968) 360–362.Google Scholar
[2]Holmes, J. M. and Manning, R., “Memory and market stability: the case of the cobweb”, Econ. Lett. 28 (1988) 1–7.Google Scholar
[3]Manning, R., “A generalization of a cobweb theorem”, Rev. Econ. Stud. 36 (1971) 123–125.CrossRefGoogle Scholar