A dynamic equilibrium model of search, production, and exchange (Q690163): Difference between revisions
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Revision as of 01:58, 5 March 2024
scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | A dynamic equilibrium model of search, production, and exchange |
scientific article |
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A dynamic equilibrium model of search, production, and exchange (English)
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1993
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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.
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dynamic equilibrium
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Bellman's equations
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general equilibrium model of search
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production
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exchange
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continuum of infinite-lived agents
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continuum of commodities
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multiple steady state equilibrium
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