| 1. |
- Puu, Tönu, 1936-, et al.
(författare)
-
A Hicksian multiplier-accelerator model with floor determined by capital stock
- 2005
-
Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 56:3, s. 331-348
-
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.
|
|
| 2. |
- Puu, Tönu, 1936-
(författare)
-
On the Stability of Cournot Equilibrium when the Number of Competitors Increases
- 2008
-
Ingår i: Journal of Economic Behavior and Organization. - : Elsevier BV. - 0167-2681 .- 1879-1751. ; 66:3-4, s. 445-456
-
Tidskriftsartikel (refereegranskat)abstract
- This article reconsiders whether the Cournot equilibrium really becomes a perfect competition equilibrium when the number of competitors goes to infinity. It has been questioned whether the equilibrium remains stable with an increasing number of firms. Contraindications were given for linear and for isoelastic demand functions. However, marginal costs were then taken as constant, which means adding more potentially infinite-sized firms. As we want to compare cases with few large firms to cases with many small firms, the model is tuned so as to incorporate capacity limits, decreasing with an increasing number of firms. Then destabilization is avoided.
|
|
| 3. |
- Puu, Tönu, 1936-, et al.
(författare)
-
The dynamics of a triopoly Cournot game when the competitors operate under capacity constraints
- 2006
-
Ingår i: Chaos, Solitons & Fractals. - : Elsevier BV. - 0960-0779 .- 1873-2887. ; 28:2, s. 403-413
-
Tidskriftsartikel (refereegranskat)abstract
- This article considers Cournot oligopoly with three competitors, given an iso-elastic demand function, and cost functions that asymptotically go to infinity when capacity limits are approached. It is shown that for some parameter values (capacity limits) the Cournot equilibrium point loses stability through a Neimark-Sacker bifurcation. In addition global bifurcation scenarios are simulated numerically, and some are illustrated through Arnol'd tongues in the parameter plane.
|
|
| 4. |
- Puu, Tönu, 1936-
(författare)
-
The Hicksian Trade Cycle with Floor and Ceiling Dependent on Capital Stock
- 2007
-
Ingår i: Journal of Economic Dynamics and Control. - : Elsevier BV. - 0165-1889 .- 1879-1743. ; 31:2, s. 575-592
-
Tidskriftsartikel (refereegranskat)abstract
- This article reconsiders the Hicksian multiplier-accelerator model with 'floor' and 'ceiling'. The new thrust is that these constraints are tied to the actual stock of capital, the floor to the depreciation on this stock, the ceiling to capital as a limiting production factor according to the fixed proportions technology that also underlies the principle of acceleration. For capital formation just the Hicksian investment theory is used. The result is one unified model creating economic growth and growth rate cycles.
|
|
| 5. |
- Tramontana, Fabio, et al.
(författare)
-
Cournot duopoly when the competitors operate multiple production plants
- 2009
-
Ingår i: Journal of Economic Dynamics and Control. - : Elsevier BV. - 0165-1889 .- 1879-1743. ; 33:1, s. 250-265
-
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.
|
|
| 6. |
|
|
| 7. |
- Panchuk, Anastasiia, et al.
(författare)
-
Stability in a non-autonomous iterative system : an application to oligopoly
- 2009
-
Ingår i: Computers and Mathematics with Applications. - Oxford : Pergamon Press. - 0898-1221 .- 1873-7668. ; 58:10, s. 2022-2034
-
Tidskriftsartikel (refereegranskat)abstract
- This paper reconsiders the relation between oligopoly and perfect competition, more specifically the problem of emergent instability when the number of competitors increases, as pointed out by several authors. A process of mixed short and long run dynamics is set up. In the short run the competitors are subject to capacity limits due to fixed capital stocks, in the long run they may renew these stocks and so in the moments of reinvestment have access to a constant returns technology. The evolution of the system depends on the number of competitors, the interval between their entry on the market, and the durability of capital. The main result is a theorem showing that if capital has a durability of more periods than the spacing of reinvestment times among the firms, multiplied with their total number, then the system always contracts to the Cournot equilibrium state.
|
|
| 8. |
- Puu, Tönu, 1936-
(författare)
-
Continuous economic space modelling : Draft of a survey
- 2009
-
Ingår i: The annals of regional science. - : Springer Science and Business Media LLC. - 0570-1864 .- 1432-0592. ; 43:1, s. 5-25
-
Tidskriftsartikel (refereegranskat)abstract
- This paper attempts a survey of continuous modelling in spatial economics. The classics of spatial economics, from von Thünen on, like geographers always did, considered phenomena in the two dimensional plane, though later development was in favour of modelling discrete location point sets connected by communication arcs. The models discussed here are strongly focused around Beckmann’s continuous space market model from the early 1950s.
|
|
| 9. |
|
|
| 10. |
- Puu, Tönu, 1936-
(författare)
-
Layout of a New Industry : From Oligopoly to Competition
- 2005
-
Ingår i: Pure Mathematics and Applications. - Budapest : SAAS Publishing. - 1218-4586. ; 16:4, s. 475-492
-
Tidskriftsartikel (refereegranskat)abstract
- Oligopoly models with constant marginal costs for the competitors tend to produce destabilization of the Cournot equilibrium point when the number of competitors increases. It therefore becomes difficult to explain how an oligopoly can evolve into perfect competition through an increase in the number of competitors. In the present study it is explored how cost functions with built in capacity limits can eliminate this problem. It is also shown how such cost functions can be derived from CES functions when the input of capital is fixed through an act of investment. It turns out that the durability of capital equipment is what is needed to stabilize the system, and so make it possible for an oligopoly to seamlessly transform into a competitive equilibrium.
|
|
