Self-organised adjustments in a market with price-setting firms (Q1433608)
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scientific article; zbMATH DE number 2077305
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Self-organised adjustments in a market with price-setting firms |
scientific article; zbMATH DE number 2077305 |
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Self-organised adjustments in a market with price-setting firms (English)
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1 July 2004
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The authors discuss the rationality of the three price-setting rules. The equilibrium described is disturbed by particular two ``exogeneous'' phenomena. The first is a change in the demand of individual customers. The second is a shift in the cost function of any supplier. When this occurs adjustments are set into motion again and the corresponding dynamic equilibrium will change.
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cost function
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equilibrium
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