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Price Dynamics and the Market for Access to Trading Partners

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  • Michael Sattinger

Abstract

At each point in time, price dynamics in a market are determined by a market for access to trading partners, implemented by competitive profit-maximizing brokers. This mechanism is applied to a market in which the value of a good declines over time and buyers decide optimally when to reenter the market and buy a new unit. Price adjustment paths in response to increases and decreases in demand are then derived using the differential equations generated by the model.

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File URL: http://www.albany.edu/economics/research/workingp/2003/PriceDynamics.pdf
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Bibliographic Info

Paper provided by University at Albany, SUNY, Department of Economics in its series Discussion Papers with number 03-10.

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Date of creation: 2003
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Handle: RePEc:nya:albaec:03-10

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Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.
Phone: (518) 442-4735
Fax: (518) 442-4736

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Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.
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Web: http://www.albany.edu/economics/research/workingp/index.shtml

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  1. John Wooders, 1997. "Equilibrium in a market with intermediation is Walrasian," Review of Economic Design, Springer, vol. 3(1), pages 75-89.
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