Stability of Walrasian and Marshallian adjustment mechanisms in multiple markets

Comparing the convergence of a Walrasian price adjustment process and that of a Marshallian quantity adjustment process in a multiple market setting, we show that both mechanisms are locally stable for any adjustment speeds if the demand system is characterised by a negative dominant diagonal.

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Year of publication:	2008
Authors:	Veendorp, E.C.H.
Published in:	Global Business and Economics Review. - Inderscience Enterprises Ltd, ISSN 1097-4954. - Vol. 10.2008, 1, p. 93-97
Publisher:	Inderscience Enterprises Ltd
Subject:	local stability \| Walrasian process \| Marshallian process \| dominant diagonal matrices \| multiple markets \| price adjustment \| quantity adjustment

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Extent:	text/html
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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