An Application of ESL to a Stochastic Dynamic Market Model with Free Entry and Exit.

The application of a new simulation language (ESL) is demonstrated through a stochastic dynamic market model with free entry and exit. Since ESL allows us to specify single economic units and to coordinate all their activities, the details of a microeconomic process can be described. The market model consists of different types of producers and consumers, whose actions can be simulated under changing structural conditions. Citation Copyright 1992 by Kluwer Academic Publishers.