Title :
On a dynamical system which simulates price forming when there exists deficit of the commodity
Author :
Ostrovsky, Artem V.
Author_Institution :
Dept. of Comput. Math. & Cybern., Nizhny Novgorod State Univ., Russia
Abstract :
A dynamical system which is a modification of the price forming model of Walras type for the case of commodity deficit is under consideration. This system has a continuum of equilibrium points (or equilibrium prices). We investigate where the price tends to move when an equilibrium price is disturbed by impulses of small time length. For a particular case of the supply function it is shown analytically that this tendency depends on how steep the supply curve is. For other examples of supply functions the same result is obtained numerically
Keywords :
commodity trading; costing; nonlinear dynamical systems; commodity; dynamical system; equilibrium points; equilibrium prices; price forming; supply function; Computational modeling; Cybernetics; Differential equations; Mathematical model; Mathematics; Numerical models; Upper bound;
Conference_Titel :
Control of Oscillations and Chaos, 2000. Proceedings. 2000 2nd International Conference
Conference_Location :
St. Petersburg
Print_ISBN :
0-7803-6434-1
DOI :
10.1109/COC.2000.874338