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Simulating tatonnement in a production economy

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  • Claus Weddepohl

Abstract

The paper presents some simulation results for a tatonnement process in a simple general equilibrium model with production. It shows that the discrete time tatonnement process can generate periodic and chaotic paths.

Suggested Citation

  • Claus Weddepohl, 1997. "Simulating tatonnement in a production economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(3), pages 551-558.
    • Handle: RePEc:spr:joecth:v:10:y:1997:i:3:p:551-558
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    Cited by:

    1. van der Laan, G. & Talman, A.J.J., 2002. "Dynamic Adjustment of Supply Constrained Disequilibria to Walrasian Equilibrium," Other publications TiSEM 8c5d443d-92c8-4e82-bcef-3, Tilburg University, School of Economics and Management.
    2. Eric Kemp-Benedict, 2011. "Second-Order, Dissipative T\^atonnement: Economic Interpretation and 2-Point Limit Cycles," Papers 1108.0188, arXiv.org, revised Aug 2011.
    3. Herings, P.J.J., 2001. "Coordinating thoughts on coordination failures," Research Memorandum 030, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    4. Cavalli, Fausto & Naimzada, Ahmad, 2015. "A tâtonnement process with fading memory, stabilization and optimal speed of convergence," Chaos, Solitons & Fractals, Elsevier, vol. 79(C), pages 116-129.

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