Simulation cobweb model of price formation with delayed supply

Yatsenko Roman Nikolaevich () and Balykov Oleksiy G.
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Yatsenko Roman Nikolaevich: Kharkiv National University of Economics
Balykov Oleksiy G.: Kharkiv National University of Economics

The Problems of Economy, 2013, issue 3, 352_358

Abstract: The article presents a simulation cobweb model of price formation with delayed supply. It considers cases with absence and availability of random factors. Randomness is presented in the model as a concept of games with nature with the use of Markov chains. The article studies activity of the retail link in the described environment.

Keywords: simulation modelling; cobweb model of price formation; games with nature; Markov chains; profit; supply (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:idp:redpoe:y:2013:i:3:p:352_358

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