Recurrence of a modified random walk and its application to an economic model

Stephen Salant and Roberta S. Wenocur

MPRA Paper from University Library of Munich, Germany

Abstract: A modification of Chung and Fuchs’ (Mem. Amer. Math. Soc., 6 (1951), pp. 1-12) recurrence theorem for random walks leads to an analogous result for a different discrete parameter Markov process. This latter process is applicable to an analysis of price stabilization programs involving purchases and sales from a buffer stock.

Keywords: speculative; attack (search for similar items in EconPapers)
JEL-codes: N5 Q28 (search for similar items in EconPapers)
Date: 1981-02
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