Full Text Available
Note: Clicking the button above will open the full text document at the original institutional repository in a new window.
Controlling the Walrasian tatonnement process
Includes bibliographical references (leaves 69-70).
Saved in:
| Main Author: | |
|---|---|
| Format: | Thesis |
| Language: | English |
| Published: |
School of Economics
2015
|
| Subjects: | |
| Tags: |
No Tags, Be the first to tag this record!
|
| _version_ | 1867613216681492480 |
|---|---|
| access_status_str | Open Access |
| author | Charlton, Richard |
| author_browse | Charlton, Richard |
| author_facet | Charlton, Richard |
| author_sort | Charlton, Richard |
| collection | Thesis |
| description | Includes bibliographical references (leaves 69-70). |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/13424 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:32:37.404Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2015 |
| publishDateRange | 2015 |
| publishDateSort | 2015 |
| publisher | School of Economics |
| publisherStr | School of Economics |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/13424 Controlling the Walrasian tatonnement process Charlton, Richard Economics Includes bibliographical references (leaves 69-70). In this thesis I examine a discrete-time Walrasian tatonnement process. The criterion for stability is examined in a two good tatonnement process. It is shown that the stability of the system depends upon the speed of adjustment and holdings of endowments as well as preferences. It is then shown that periodic solutions as well as aperiodic or chaotic trajectories occur. The analysis is then extended to multiple agents. Having established the results for the one-dimensional system, the analysis is extended to the case of three goods in which one of the goods is a numeraire. It is shown that similar dynamics to the one dimensional case exist. It is found that if one market acts in a chaotic manner then both markets act in a chaotic manner. Such that markets do not act in a chaotic manner, certain restrictions on the speed of adjustment and the holding of the non-numeraire good with respect to the numeraire good need to be enforced. Following in the footsteps of Uzawa [26], exchange out of equilibrium is examined for the case of one traded good and one numeraire as well as two traded goods and one numeraire. It is found that if any good can be exchanged for any other good there is a direct parallel between the tatonnement process and the nontatonnement process. If the numeraire is treated as a primitive currency then the policy implications differ significantly due to the amount of liquidity in the system. 2015-07-14T08:43:39Z 2015-07-14T08:43:39Z 2009 Master Thesis Masters MCom http://hdl.handle.net/11427/13424 eng application/pdf School of Economics Faculty of Commerce University of Cape Town |
| spellingShingle | Economics Charlton, Richard Controlling the Walrasian tatonnement process |
| thesis_degree_str | Master's |
| title | Controlling the Walrasian tatonnement process |
| title_full | Controlling the Walrasian tatonnement process |
| title_fullStr | Controlling the Walrasian tatonnement process |
| title_full_unstemmed | Controlling the Walrasian tatonnement process |
| title_short | Controlling the Walrasian tatonnement process |
| title_sort | controlling the walrasian tatonnement process |
| topic | Economics |
| url | http://hdl.handle.net/11427/13424 |
| work_keys_str_mv | AT charltonrichard controllingthewalrasiantatonnementprocess |