| 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-, et al.
(författare)
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Can Bertrand and Cournot oligopolies be combined?
- 2019
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Ingår i: Chaos, Solitons & Fractals. - : Elsevier. - 0960-0779 .- 1873-2887. ; 125, s. 97-107
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Tidskriftsartikel (refereegranskat)abstract
- There have been some recent attempts to combine Cournot and Bertrand duopolies in one single model. Unfortunately, these attempts do not work. A commodity cannot be homogenous and non-homogenous at the same time. It is always the consumers, who decide whether they perceive competing products as identical or as different brands for which they are willing to pay different prices. There is, of course, nothing that forbids the coexistence of both such consumer groups. Neither is there any obstacle for the competing sellers to sell to both markets. Then we only need an old idea from economic theory, i.e., price discrimination, to rectify the logic. By this the challenging combination idea comes on a stable footing. The model also results in some interesting mathematical facts, such as mulistability and coexistence of attractors.
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