1. An offer and supply model with uncertaint
- Author
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Clara Burgos Simón, Juan Carlos Cortés López, David Martínez Rodríguez, Ana Navarro Quiles, and Rafael Jacinto Villanueva Micó
- Subjects
Modelo de Oferta y Demanda ,Microeconomía ,Técnica de transformación de variables aleatorias ,Incertidumbre ,Función de densidad probabilidad ,Precio y Cantidad en Equilibrio ,Education (General) ,L7-991 - Abstract
The stationary oer and supply models are useful in order to describe different macro-economical scenarios, for this reason they are one of the most essential tools in different subjects like Macroeconomics taught in the University degrees like Business Administration and Management and similar. The students of those degrees learn simultaneously mathematics and statistics, where they study deterministic and stochastic tools in order to apply them in that kind of models. In this work we present a simple example in order to work in a multidisciplinary way three different subjects, macroeconomics, mathematics and statistics. In particular, we will randomize the linear offer and supply model, considering that the parameters of the model are random variables instead single values. That is, because in some cases the parameters of the model have been tted using real data, and this data has an intrinsic randomness which it could begiven by two different factors, the device or the way we measure the data or the innate randomness to the consumer behaviour. Using the Random Variable Transformation Technique we can obtain the probability density function of the offer and supply functions. Moreover, we will obtain the distributions of the price and amount of equilibrium in the trade. Finally we will show the theoretical results with a numerical example.
- Published
- 2019
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