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Stability of Walrasian and Marshallian adjustment mechanisms in multiple markets

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  • E.C.H. Veendorp

Abstract

Comparing the convergence of a Walrasian price adjustment process and that of a Marshallian quantity adjustment process in a multiple market setting, we show that both mechanisms are locally stable for any adjustment speeds if the demand system is characterised by a negative dominant diagonal.

Suggested Citation

  • E.C.H. Veendorp, 2008. "Stability of Walrasian and Marshallian adjustment mechanisms in multiple markets," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 10(1), pages 93-97.
    • Handle: RePEc:ids:gbusec:v:10:y:2008:i:1:p:93-97
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