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Asymptotic stability of a general equilibrium under perfect and monopolistic competition

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  • Sakane, Hirokazu

Abstract

This study examines the asymptotic stability of a general equilibrium for an economy under perfect and monopolistic competition in which delays in a production process arise. Crucially, we find that the sufficient conditions for the stability of the equilibrium in each model differ markedly. For the stability of the equilibrium under perfect (monopolistic) competition, it is favorable that the slope of every demand curve is gradual (steep).

Suggested Citation

  • Sakane, Hirokazu, 2016. "Asymptotic stability of a general equilibrium under perfect and monopolistic competition," Journal of Mathematical Economics, Elsevier, vol. 63(C), pages 21-26.
    • Handle: RePEc:eee:mateco:v:63:y:2016:i:c:p:21-26
    DOI: 10.1016/j.jmateco.2015.11.003
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    References listed on IDEAS

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    1. Alok Kumar & Martin Shubik, 2004. "Variations on the Theme of Scarf's Counter-Example," Computational Economics, Springer;Society for Computational Economics, vol. 24(1), pages 1-19, August.
    2. Takashi Negishi, 1961. "Monopolistic Competition and General Equilibrium," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 28(3), pages 196-201.
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