Asymptotic stability of a general equilibrium under perfect and monopolistic competition

Hirokazu Sakane

Journal of Mathematical Economics, 2016, vol. 63, issue C, 21-26

Abstract: This study examines the asymptotic stability of a general equilibrium for an economy under perfect and monopolistic competition in which delays in a production process arise. Crucially, we find that the sufficient conditions for the stability of the equilibrium in each model differ markedly. For the stability of the equilibrium under perfect (monopolistic) competition, it is favorable that the slope of every demand curve is gradual (steep).

Keywords: General equilibrium; Perfect competition; Monopolistic competition; Stability; Cobweb process; Delay equation (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:63:y:2016:i:c:p:21-26

DOI: 10.1016/j.jmateco.2015.11.003

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