MODELS OF ECONOMIC EXCHANGE
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MODELS OF ECONOMIC EXCHANGE
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PII
S042473880000616-6-1
Publication type
Article
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Published
Edition
Pages
72-89
Abstract
Unlike Walrasian theories of the general economic equilibrium based on the hypothesis of price-taking behavior of economic agents, all models of exchange considered in this paper use an assumption that agents actively form market prices of exchanged goods via adjusting subjective prices of these goods in the exchange process. The following models of exchange are considered: elementary economic exchange, “market failure” models, and general models of economic exchange based on the market prices of exchanged goods. Theorems are proved about existence of a stable equilibrium in these models of exchange described by dynamical systems of ordinary differential equations (volumes of demand and supply, market prices) under usual assumptions about inverse demand and supply functions.
Date of publication
01.10.2008
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1
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