Global stability condition on the plane: A general law of demand

• 成果类型: Article; Proceedings Paper
• 署名作者: Mukherji, Anjan
• 署名单位: Jawaharlal Nehru University, New Delhi
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2006.03.013
• 发表日期: 2007
• 页码: 583-592
• 关键词: global stability conditions; dynamics on the plane; Excess demand functions; Dulac's criterion; Law of demand

摘要

It is well known that global stability of competitive equilibrium obtains only under quite stringent restrictions. This paper identifies a set of restrictions which may be interpreted as a very weak form of the so-called Law of Demand and shows how this may imply global stability for motion on the plane. It is also of some interest that this condition is satisfied by a perturbed version of the celebrated Scarf example which does not satisfy existing conditions for global stability. (c) 2006 Elsevier Inc. All rights reserved.