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Price adjustment in an economy with Markov disturbance
- Source :
- Mathematical Social Sciences. 10:263-267
- Publication Year :
- 1985
- Publisher :
- Elsevier BV, 1985.
-
Abstract
- Suppose prices p are adjusted in accordance with excess demand z by Δp = k 1 z . We determine the optimal constant k 1 given that demand is the sum of a linear function of price and a Markov disturbance. Supply is fixed.
Details
- ISSN :
- 01654896
- Volume :
- 10
- Database :
- OpenAIRE
- Journal :
- Mathematical Social Sciences
- Accession number :
- edsair.doi...........432fde5fbed561585ed252535b9fb8ea
- Full Text :
- https://doi.org/10.1016/0165-4896(85)90046-0