Given an excess demand function of an economy, say Z (p), a stable price adjustment
mechanism (SPAM) guarantees convergence of solution path p (t, p0) to an equilibrium peq …

Publisher Summary This chapter focuses on the economic adjustments under
noncompetitive pricing. The market price mechanism is expected to implement an efficient …

In two previous papers we have discussed the formulation of a logically consistent adaptive-
type price expectations mechanism in continuous time and have applied our results to …

Previous experimental work demonstrates the power of classical theories of economic
dynamics to accurately characterize equilibration in multiple market systems. Building on the …

The doctrine of beneficial effects of price level stabilization is an integral part of modern
mainstream economics. In the 1920s and 1930s, Friedrich August von Hayek questioned …

An increasing literature has been concerned that the dynamics of the economy keeps
switching and that, in particular, it is important to allow time variation in the degree of Calvo …

A long-standing unsolved problem in economic theory is how economic equilibria are
attained. Price Dynamics in Equilibrium Models: The Search for Equilibrium and the …

In this paper we suggest a new framework for constructing mathematical models of market
activity. Contrary to the majority of the classical economical models (eg Arrow-Debreu …

Abstract At least since Walras (1874), economists have been interested in the problem of
finding a price adjustment process that generates, for a given economy and an arbitrarily …

This paper shows that there is a natural extension of the conventional price tâtonnement
procedure of pure exchange economies which significantly increases the stability properties …