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Recurrence of a modified random walk and its application to an economic model

Author

Listed:
  • Salant, Stephen W.
  • Wenocur, Roberta S.

Abstract

A modification of Chung and Fuchs’ (Mem. Amer. Math. Soc., 6 (1951), pp. 1-12) recurrence theorem for random walks leads to an analogous result for a different discrete parameter Markov process. This latter process is applicable to an analysis of price stabilization programs involving purchases and sales from a buffer stock.

Suggested Citation

  • Salant, Stephen W. & Wenocur, Roberta S., 1981. "Recurrence of a modified random walk and its application to an economic model," MPRA Paper 11171, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:11171
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    File URL: https://mpra.ub.uni-muenchen.de/11171/1/MPRA_paper_11171.pdf
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    References listed on IDEAS

    as
    1. Salant, Stephen W, 1983. "The Vulnerability of Price Stabilization Schemes to Speculative Attack," Journal of Political Economy, University of Chicago Press, vol. 91(1), pages 1-38, February.
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    More about this item

    Keywords

    speculative attack;

    JEL classification:

    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy
    • N5 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries

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