Stability

Michael Allingham
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Michael Allingham: University of Kent

Chapter 10 in Value, 1983, pp 77-85 from Palgrave Macmillan

Abstract: Abstract Given that equilibrium prices exist, depend continuously on attributes, and are likely to be unique I now enquire whether such prices are stable. This will be the case if prices converge to their equilibrium levels; if this were not the case then the theory of value would have little practical relevance. To return to the analogy of the ball and spring, the theory of weight would be unsatisfactory if there were no forces, such as friction, to bring the spring to its equilibrium length, for then this equilibrium length would seldom, if ever, be observed.

Keywords: Price Change; Equilibrium Price; Excess Demand; Multiple Equilibrium; Unique Equilibrium (search for similar items in EconPapers)
Date: 1983
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DOI: 10.1007/978-1-349-17001-2_10

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