| 1. |
- Panchuk, A., et al.
(författare)
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Dynamics of a durable commodity market involving trade at disequilibrium
- 2018
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Ingår i: Communications in nonlinear science & numerical simulation. - : ELSEVIER SCIENCE BV. - 1007-5704 .- 1878-7274. ; 58, s. 2-14
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Tidskriftsartikel (refereegranskat)abstract
- The present work considers a simple model of a durable commodity market involving two agents who trade stocks of two different types. Stock commodities, in contrast to flow commodities, remain on the market from period to period and, consequently, there is neither unique demand function nor unique supply function exists. We also set up exact conditions for trade at disequilibrium, the issue being usually neglected, though a fact of reality. The induced iterative system has infinite number of fixed points and path dependent dynamics. We show that a typical orbit is either attracted to one of the fixed points or eventually sticks at a no-trade point. For the latter the stock distribution always remains the same while the price displays periodic or chaotic oscillations. (C) 2017 Elsevier B.V. All rights reserved.
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| 2. |
- Puu, Tönu, 1936-
(författare)
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Arts, sciences, and economics : a historical safari, second edition
- 2015. - 2
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Bok (refereegranskat)abstract
- This book deals with the economic aspects of changing attitudes in arts and sciences. The effects of the public good character of culture, along with the very long production period and lifetime for its products, are emphasized, since both contribute to the failure of normal market solutions. Embodiment of ideas and the consequences of modern reproduction technology for protection of property rights are closely examined. The evolution within arts and sciences, which often seems to return to previously scrapped ideals, is illustrated by detailed case studies, in which the importance of changing tastes, rather than progress proper, is emphasized. The author attempts an understanding for this using Darwinian evolution in combination with modern mathematical complexity theory, expressed in terms accessible to the general reader. The second edition is extended and updated especially as regards the illustration material.
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| 3. |
- Puu, Tönu, 1936-
(författare)
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Diffusion of Growth and Cycles in Continuous Time and Space
- 2015
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Ingår i: Complexity and Geographical Economics. - Cham : Springer Science+Business Media B.V.. - 9783319128054 ; , s. 99-112
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Bokkapitel (refereegranskat)abstract
- Spatial economics can be formatted in two different ways. One can see geographical space as a set of locations connected by arcs. Or one can see it as a continuous plane in two dimensions. Activities, such as production and consumption can be represented in both, and so can flows, of trade or migrants. When space is the continuous plane such flows are represented by continuous fields as in physics. The continuous outlook was the traditional both in economics and geography. However, it does not so easily lend itself to computations and fitting to actual data as in the discrete representation. The disadvantage of seeing space as a matrix of locations and connecting arcs is that space, in the sense of geometric shape and size slips out. In the twentieth century there were presented two ingenious economic models using continuous space, Hotelling (A mathematical theory of migration, MA Thesis, University of Washington, reprinted in Environment and Planning A, 10, 1223–1239) who dealt with migration, and Beckmann (1952) who dealt with trade and pricing in a spatially dispersed market. Here we take a simpler case dealing with the diffusion of growth and business cycles in continuous geographical space.
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| 4. |
- Puu, Tönu, 1936-
(författare)
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Disequilibrium economics : oligopoly, trade, and macrodynamics
- 2018
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Bok (refereegranskat)abstract
- This book discusses mathematical models for various applications in economics, with a focus on non-linear dynamics. Based on the author's over 50 years of active work in the field, the book has been inspired by models from the period between 1920 and 1950. Following a brief introduction to economics for mathematicians and other modelers, it assembles a repository of useful specific functions for global dynamic modeling. Furthermore, twelve "research stubs" - outlined research agendas that have not yet been fully worked on - are suggested for further study and could even be expanded to entire research projects. The book is a valuable resource, particularly for young scientists who are skilled in mathematical and computational techniques and are looking for applications in economics.
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| 5. |
- Puu, Tönu, 1936-
(författare)
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Hotelling duopoly revisited
- 2016
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Ingår i: Essays in economic dynamics. - Singapore : Springer. - 9789811015212 - 9789811015205 - 9789811093746 ; , s. 35-55
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Bokkapitel (refereegranskat)abstract
- Many articles have been written about Harold Hotelling’s model of two competitors on a fixed line segment, competing by choosing mill price and location. Most of them have focused on the paradoxical case of crowding in the middle when demand is totally inelastic. Yet Hotelling conjectured that this would not happen if the consumers not only chose the least expensive supplier, but their demand were dependent on the price charged. However, surprisingly little has been written about the case with elastic demand. Even less has been attempted to put the problem in a dynamic format.
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