A spatial separation model of a credit economy with optimistic and pessimistic quantity expectations

Sander van der Hoog

No 05-16, CeNDEF Working Papers from Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance

Abstract: The paper studies dynamic trading behavior in a circular exchange economy. Transactions take place sequentially at non-equilibrium prices, there is quantity rationing, and credit is the only means of exchange. Agents can have optimistic or pessimistic expectations about quantity constraints which represent their beliefs about future trading opportunities and they take into account that they are being rationed.

Date: 2005
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