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On the dynamics of supply-constrained equilibria

Jacques Dreze

No 1999004, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: The paper defines a simple tatonnement process of adjustments in prices and quantities, where excess demand results in nominal price increases and excess supply results in quantity rationing of supply at unchanged prices. Under reasonable assumptions, the process converges to a supply-constrained equilibrium. The result contributes to our understanding of how supply-constrained equilibria come about.

Date: 1999-01-01
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Working Paper: On the dynamics of supply-constrained equilibria (1999)
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