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Queue-Rationing and Price Dynamics

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  • Stahl, Dale O, II

Abstract

The setting is a repeated exchange economy with nonstorable commodit ies. Waiting line queues ration supply and demand at non-Walrasian pr ices. An equilibrium vector of queue times is shown to exist such tha t all markets clear. Prices are adjusted in response to observed queu e times. In contrast to traditional tatonnement theory, individuals behave rationally, trade, and consume throughout the process. If a Wa lrasian equilibrium is noncritical and has "gross substitute queue t imes," then the process is locally asymptotically stable. Alternativ e stability conditions are also derived. Copyright 1987 by The editors of the Scandinavian Journal of Economics.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 89 (1987)
Issue (Month): 4 ()
Pages: 469-85

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Handle: RePEc:bla:scandj:v:89:y:1987:i:4:p:469-85

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Brennan Platt, 2009. "Queue-rationed equilibria with fixed costs of waiting," Economic Theory, Springer, vol. 40(2), pages 247-274, August.
  2. Michael Sattinger, 2002. "A Queuing Model of the Market for Access to Trading Partners," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(2), pages 533-548, May.
  3. Kazimierz Stanczak, 1992. "Price Controls, Inflation, and Welfare in the Steady-State," UCLA Economics Working Papers 684, UCLA Department of Economics.

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