Simultaneous Price and Quantity Adjustment in a Single Market
Econometrica
1969
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 (3)
- Pages
- 470
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- BibTeX
- Sources
- openalex crossref