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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.

Suggested Citation

  • Stahl, Dale O, II, 1987. " Queue-Rationing and Price Dynamics," Scandinavian Journal of Economics, Wiley Blackwell, vol. 89(4), pages 469-485.
  • Handle: RePEc:bla:scandj:v:89:y:1987:i:4:p:469-85
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    Cited by:

    1. Kazimierz Stanczak, 1992. "Price Controls, Inflation, and Welfare in the Steady-State," UCLA Economics Working Papers 684, UCLA Department of Economics.
    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. Brennan Platt, 2009. "Queue-rationed equilibria with fixed costs of waiting," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(2), pages 247-274, August.

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