On the Scarf-Hirota model in the price-scaled price adjustment process
Tatsuro Yamamoto, Masanari Asano, Yoshio Togawa, Masanori Ohya
TL;DR
This paper generalizes Hirota's 1981 results on asymptotic stability to a broader context involving the price-scaled price adjustment process, enhancing understanding of stability in economic models.
Contribution
It extends previous stability results to the price-scaled price adjustment process, providing new insights into economic dynamics.
Findings
Generalized Hirota's stability results
Applied to price-scaled adjustment process
Enhanced understanding of economic stability
Abstract
Hirota's results given in (Hirota.M.,1981) on the asymptotically stability are generalized to the price-scaled price adjustment process.
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Taxonomy
TopicsEconomic theories and models · Economic Theory and Policy · Complex Systems and Time Series Analysis