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An Artificial Economics View of the Walrasian and Marshallian Stability

In: Artificial Markets Modeling

Author

Listed:
  • Marta Posada

    (University of Valladolid)

  • Cesáreo Hernández

    (University of Valladolid)

  • Adolfo López-Paredes

    (University of Valladolid)

Abstract

The experiments discussed below are an attempt to examine two concepts of instability which stem from two different models of market adjustment used in Economics: Walrasian (W) and Marshallian (M) instability. The M model views volume as adjusting in response to the difference between demand price and supply price at that volume. The W model views price as changing in response to excess demand at that price. Do the M and the W models have a firm foundation on micro-motives, or are they just macro abstractions that we could dispense of in Microeconomics?

Suggested Citation

  • Marta Posada & Cesáreo Hernández & Adolfo López-Paredes, 2007. "An Artificial Economics View of the Walrasian and Marshallian Stability," Lecture Notes in Economics and Mathematical Systems, in: Andrea Consiglio (ed.), Artificial Markets Modeling, chapter 7, pages 101-111, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-73135-1_7
    DOI: 10.1007/978-3-540-73135-1_7
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