Strict diagonal dominance in asymptotic stability of general equilibrium
نویسندگان
چکیده
*Correspondence: [email protected] Department of Mathematics, National Taiwan Normal University, 88 Sec. 4, Ting Chou Road, Taipei, 11677, Taiwan Abstract Stability of general equilibrium is usually depicted by a dynamic process of price adjustment which makes the flow of prices eventually come to rest at certain prices, so that the supply and demand of every commodity tend to equal each other. Here we construct a dynamical system of a competitive economy and find that the strict diagonal dominance of the Jacobian matrix of the excess demand function at its equilibrium guarantees the asymptotic stability. MSC: 37N40; 91B55; 93D20
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