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On Modelling Markets

Author

Listed:
  • Daniel Badagnani

    (Instituto Balseiro)

Abstract

We analyze critically the usual analysis of free (that is, unreguled by a central authority) market behavior of prices and traded amounts. We find that quite usually either the offer function or the demand function cannot be defined meaningfully, and other models must be set-up. We show also that profit maximization is most times uncorrectly used and wrongly calculated. We show that the absence of regulation (perfect price and production flexibility) and perfect competence does not necesarily lead to equilibrium between offer and demmand.

Suggested Citation

  • Daniel Badagnani, 2002. "On Modelling Markets," Macroeconomics 0207005, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpma:0207005
    Note: Type of Document - postscript; prepared on PC; to print on Postscript; pages: 9; figures: none. We point out a missuse of benefit maximization and offer-demmand interplay
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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/0207/0207005.ps
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    More about this item

    Keywords

    competitive markets;

    JEL classification:

    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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