A dynamic equilibrium model of search, production, and exchange (Q690163): Difference between revisions
From MaRDI portal
Latest revision as of 12:07, 30 July 2024
scientific article
Language | Label | Description | Also known as |
---|---|---|---|
English | A dynamic equilibrium model of search, production, and exchange |
scientific article |
Statements
A dynamic equilibrium model of search, production, and exchange (English)
0 references
1993
0 references
Presented is a general equilibrium model of search, production and exchange with a continuum of infinite-lived agents and a continuum of commodities. The authors analyse the existence of a multiple steady state equilibrium and a multiple dynamic equilibrium in the economy with decreasing, constant, and increasing returns to scale. The authors deal with a nonmonetary model of the economy. Their results can potentially be applied to a monetary version of the model.
0 references
dynamic equilibrium
0 references
Bellman's equations
0 references
general equilibrium model of search
0 references
production
0 references
exchange
0 references
continuum of infinite-lived agents
0 references
continuum of commodities
0 references
multiple steady state equilibrium
0 references