A continuity property for local price adjustment mechanisms
Article Abstract:
A study was conducted to analyze a case in which a local continuity property is a reasonable one for any local price adjustment mechanism. The starting points of the adjustment process were assumed to be close to one another. The economies are characterized against a tatonnement process that is locally stable. Results indicated that the tatonnement process satisfies the continuity property on a subset of the space of all economies.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1999
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Increasing outer risk
Article Abstract:
The concept of outer risk is formulated by providing a formal characterization of the experimentally important concepts of kurtotic distributions. An increase in outer risk engenders the transfer of dispersion from the center of a distribution to its peripherals.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2005
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