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The Chaotic General Economic Equilibrium Model and Monopoly

並列摘要


The basic aim of this study is to construct a relatively simple chaotic general economic equilibrium growth model that is capable of generating stable equilibrium, cycles, or chaos. An important example of general economic equilibrium is provided by monopolies. A key hypothesis of this study is based on the idea that the coefficient π=b m_(RS)/m (α-1) (1+1/e) m_(RT) plays a crucial role in explaining local stability of the general equilibrium output, where, b: The coefficient of the quadratic marginal-cost function, m: The coefficient of the inverse demand function, m_(RS): The marginal rate of substitution, m_(RT): Marginal rate of transformation, α: The coefficient of the monopoly price growth, e: The coefficient of the price elasticity of demand.

並列關鍵字

Chaos general equilibrium monopoly output

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