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The Demand-Supply Model with Expectations. Complex Economic Dynamic

Robert Kruszewski
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Robert Kruszewski: Szkoła Główna Handlowa w Warszawie

Collegium of Economic Analysis Annals, 2013, issue 32, 131-141

Abstract: We investigate the dynamics of the nonlinear demand-supply model with expectations. We investigate the impact of expectations on the dynamics of the price. We determine the equilibria and investigate their local asymptotic stability. The global behaviour of the market is analysed numerically. We present the bifurcation diagrams for each parameter and localize those values, for which the system indicates complex behaviour. We investigate how the dynamics of the model depends on the parameters. We present analytical results whenever it is possible and numerical simulations of the more interesting occurrences.

Keywords: perfect competition; expectations; equilibrium; bifurcation; deterministic chaos (search for similar items in EconPapers)
Date: 2013
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