Nonuniqueness of Equilibrium in Closed Market Model

Authors

  • Alexander Kotyukov V.A. Trapeznikov Institute of Control Sciences of Russian Academy of Sciences, Moscow, Russia
  • Pavlova Nataliya V.A. Trapeznikov Institute of Control Sciences of Russian Academy of Sciences, Moscow, Russia; Derzhavin Tambov State University, Tambov, Russia

DOI:

https://doi.org/10.25728/assa.2023.23.2.1421

Keywords:

supply, demand, equilibrium, coincidence point, covering map

Abstract

In this paper, we consider a closed market model. In this model the supply and the demand functions are restored by their price elasticities. We obtain sufficient conditions on nonuniqueness of equilibrium in this model. For several special cases of closed market models we get a criteria of equilibrium uniqueness. The obtained results are illustrated with the example of the market with two goods.

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Published

2023-07-05

Issue

Vol. 23 No. 2 (2023): Advances in Systems Science and Applications

Section

Articles

How to Cite

Nonuniqueness of Equilibrium in Closed Market Model. (2023). Advances in Systems Science and Applications, 23(2), 184-194. https://doi.org/10.25728/assa.2023.23.2.1421