Twelve markets were studied. All markets had downward sloping supply functions created by Marshallian-type external economies in which the costs of individual firms increase with their own volume but decrease with the market volume of all other firms. The conditions were such that the model dp/dt = f (excess demand), typically called the Walrasian theory of dynamics, gives predictions about the dynamics of market behavior opposite of the model dq/dt = "phi" (demand price minus supply price), which is typically called the Marshallian theory. The market organizations studied were double auction, sealed bid/offer and (secant) tatonnement. In all cases the Marshallian theory of dynamics was the better model of market behavior. Copyright 1992 by Royal Economic Society.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 102 (1992) Issue (Month): 412 (May) Pages: 437-60 Download reference. The following formats are available: HTML
(with abstract),
plain text
(with abstract),
BibTeX,
RIS (EndNote, RefMan, ProCite),
ReDIF
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Other versions of this item:
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)