Lecture 6 : Markets 6 - 3 6 . 3 Price equilibrium
نویسندگان
چکیده
منابع مشابه
Price Relations on Future Storable Comma
This paper presents a simple theoretical modei of the spot and futures markets for a storable commodity. We focus our attention in particular on the classical futures markets, those for harvested storable commodities. For these commodities which include grains such as wheat, corn, and soybeans, while there is active trading on the spot and futures markets at each instant, the output of the prod...
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Does the existence of secondary markets for durable goods affect price and allocation on primary markets? We study competitive equilibria for durable goods where the possibility of future trade on secondary markets does not affect consumer behaviour in the primary market, provided consumers are exponential discounters. If consumers are hyperbolic discounters, however, secondary markets are no l...
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Contents 1. Introduction 2. The classical model 3. Existence of equilibrium 3.1 Equilibrium and quasi-equilibrium of abstract economies 3.2 Application to quasi-equilibrium existence for private ownership economies 3.3 From quasi-equilibrium to equilibrium 4. Optimality properties of equilibrium 4.1 Optimality, core and limit-core concepts 4.2 Non-emptiness results 4.3 Price-decentralization re...
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In speculative markets, risk-free profit opportunities are eliminated by traders exploiting them. Markets are therefore often described as “informationally efficient”, rapidly removing predictable price changes, and leaving only residual unpredictable fluctuations. This classical view of markets absorbing information and otherwise operating close to an equilibrium is challenged by extreme price...
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Financial markets can be seen as complex systems in non-equilibrium steady state, one of whose most important properties is the distribution of price fluctuations. Recently, there have been assertions that this distribution is qualitatively different in emerging markets as compared to developed markets. Here we analyse both high-frequency tick-by-tick as well as daily closing price data to show...
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