Disequilibrium Market Adjustment: Marshall Revisited. A Rejoinder

Louise Davidson

Chapter 35 in Money and Employment, 1990, pp 497-500 from Palgrave Macmillan

Abstract: Abstract Sampson contends that the results of Figure 2 in my paper (Davidson, 1974, p. 151) where the spot price (p s ) exceeds the forward price (p f ) ‘only holds under a special form of market segmentation’, i.e. that my analysis and diagram is not a general case. If Sampson’s argument is that p s > p f only under certain conditions, there is no argument between use. I have already stated (pp. 151–2) that ‘this situation (where p s > p f ) is known as backwardation’ and I have indicated that other situations, known as ‘contango market situations where no production occurs’ were not analysed in this paper (p. 149).1

Keywords: Demand Curve; Supply Curve; Market Segmentation; Calendar Time; Spot Price (search for similar items in EconPapers)
Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11513-6_36

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DOI: 10.1007/978-1-349-11513-6_36

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