Econometrica Vol. 37 No. 3 1969
Simultaneous Price and Quantity Adjustment in a Single Market
Abstract
This paper discusses the dynamics of disequilibrium in a single market where both price and quantity change in response to disequilibrium. We describe the nature of the adjustment path under a wide variety of assumptions, noting in particular the properties of stability in the large and in the small and the existence of limit cycles.
- DOI
- 10.2307/1912794
- Volume
- 37
- Issue
- 3
- Pages
- 470
- Sources
- openalex crossref