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Equilibrium storage with multiple commodities

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Author Info
Nishimura, Kazuo
Stachurski, John
Abstract

This paper introduces a multisector model of commodity markets with storage, where equilibrium is defined by profit maximization, arbitrage and market clearing conditions. We then solve for the decentralized equilibrium via a corresponding dynamic program. We also describe the dynamics of the model, establishing geometric ergodicity, a Law of Large Numbers and a Central Limit Theorem.

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File URL: http://www.sciencedirect.com/science/article/B6VBY-4T2M632-1/2/0e37b38e1ad11f721f7b4a0dd58a3210
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Publisher Info
Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 45 (2009)
Issue (Month): 1-2 (January)
Pages: 80-96
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:eee:mateco:v:45:y:2009:i:1-2:p:80-96

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Web page: http://www.elsevier.com/locate/jmateco

For technical questions regarding this item, or to correct its listing, contact: (Heidi Boesdal).

Related research
Keywords: Commodities Dynamic programming Stability;

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This page was last updated on 2009-12-3.

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