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A spatial separation model of a credit economy with optimistic and pessimistic quantity expectations

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  • Hoog S. van der

    (Universiteit van Amsterdam)

Abstract

The paper studies dynamic trading behavior in a circular exchange economy. Transactions take place sequentially at non-equilibrium prices, there is quantity rationing, and credit is the only means of exchange. Agents can have optimistic or pessimistic expectations about quantity constraints which represent their beliefs about future trading opportunities and they take into account that they are being rationed.

Suggested Citation

  • Hoog S. van der, 2005. "A spatial separation model of a credit economy with optimistic and pessimistic quantity expectations," CeNDEF Working Papers 05-16, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
    • Handle: RePEc:ams:ndfwpp:05-16
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    File URL: http://www1.fee.uva.nl/cendef/publications/papers/Paper-Credit-Model.zip.ps
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