Global Stability Conditions on the Plane

Anjan Mukherji

ISER Discussion Paper from Institute of Social and Economic Research, The University of Osaka

Abstract: The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions is identified which guarantee not only convergence to some equilibrium but also robustness of these properties.

Date: 2003-07
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Persistent link: https://EconPapers.repec.org/RePEc:dpr:wpaper:0589

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