Stability of Walrasian and Marshallian adjustment mechanisms in multiple markets

E.C.H. Veendorp

Global Business and Economics Review, 2008, vol. 10, issue 1, 93-97

Abstract: Comparing the convergence of a Walrasian price adjustment process and that of a Marshallian quantity adjustment process in a multiple market setting, we show that both mechanisms are locally stable for any adjustment speeds if the demand system is characterised by a negative dominant diagonal.

Keywords: local stability; Walrasian process; Marshallian process; dominant diagonal matrices; multiple markets; price adjustment; quantity adjustment. (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:ids:gbusec:v:10:y:2008:i:1:p:93-97

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