| 1. |
- Puu, Tönu, 1936-, et al.
(författare)
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A Hicksian multiplier-accelerator model with floor determined by capital stock
- 2005
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 56:3, s. 331-348
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Tidskriftsartikel (refereegranskat)abstract
- This article reconsiders the Hicksian multiplier-accelerator model with the “floor” related to the depreciation on actual capital stock. Through the introduction of the capital variable, a growth trend is created endogenously by the model itself, along with growth rate oscillations around it. The “ceiling” can be dispensed with altogether. As everything is growing in such a model, a variable transformation is introduced to focus relative dynamics of the income growth rate and the actual capital output ratio.
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| 2. |
- Tramontana, Fabio, et al.
(författare)
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Cournot duopoly when the competitors operate multiple production plants
- 2009
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Ingår i: Journal of Economic Dynamics and Control. - : Elsevier BV. - 0165-1889 .- 1879-1743. ; 33:1, s. 250-265
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Tidskriftsartikel (refereegranskat)abstract
- This article considers a Cournot duopoly under an isoelastic demand function and cost functions with built-in capacity limits. The special feature is that each firm is assumed to operate multiple plants, which can be run alone or in combination. Each firm has two plants with different capacity limits, so each has three cost options, the third being to run both plants, dividing the load according to the principle of equal marginal costs. As a consequence, the marginal cost functions come in three disjoint pieces, so the reaction functions, derived on basis of global profit maximization, may also consist of disjoint pieces. This is reflected in a particular bifurcation structure, due to border-collision bifurcations and to particular basin boundaries, related to the discontinuities. It is shown that stable cycles may coexist, and the non-existence of unstable cycles constitutes a new property. We also compare the coexistent short periodic solutions in terms of the resulting real profits.
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| 3. |
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| 4. |
- Puu, Tönu, 1936-, et al.
(författare)
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On the Change of Periodicities in the Hicksian Multiplier-Accelerator Model with a Consumption Floor
- 2006
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Ingår i: Chaos, Solitons & Fractals. - : Elsevier BV. - 0960-0779 .- 1873-2887. ; 29:3, s. 681-696
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)abstract
- The Hicksian multiplier-accelerator model with “floor” and “ceiling” continues to be the most successful machine generating business cycles. This is, no doubt, due to its capability of explaining both downturn and upswing through one single model. The “ceiling” is due to a full employment constraint, whereas the “floor” is due to a limit to disinvestment when no worn out capital at all is replaced. However, another “floor” to consumption at zero level seems never to have been discussed. Hence, net disinvestments, even if they are bounded downwards, may also give rise to negative consumption, which is absurd. As we will show, the effect of an additional constraint to avoid this is easy to analyze, and results in a change of the periodicities according to a simple rule.
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