Stability of Walrasian and Marshallian adjustment mechanisms in multiple markets
by E.C.H. Veendorp
Global Business and Economics Review (GBER), Vol. 10, No. 1, 2008

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.

Online publication date: Thu, 24-Jan-2008

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