Controlling the Walrasian tatonnement process

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dc.contributor.authorCharlton, Richarden_ZA
dc.date.accessioned2015-07-14T08:43:39Z
dc.date.available2015-07-14T08:43:39Z
dc.date.issued2009en_ZA
dc.descriptionIncludes bibliographical references (leaves 69-70).en_ZA
dc.description.abstractIn 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.en_ZA
dc.identifier.apacitationCharlton, R. (2009). <i>Controlling the Walrasian tatonnement process</i>. (Thesis). University of Cape Town ,Faculty of Commerce ,School of Economics. Retrieved from http://hdl.handle.net/11427/13424en_ZA
dc.identifier.chicagocitationCharlton, Richard. <i>"Controlling the Walrasian tatonnement process."</i> Thesis., University of Cape Town ,Faculty of Commerce ,School of Economics, 2009. http://hdl.handle.net/11427/13424en_ZA
dc.identifier.citationCharlton, R. 2009. Controlling the Walrasian tatonnement process. University of Cape Town.en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Charlton, Richard AB - 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. DA - 2009 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2009 T1 - Controlling the Walrasian tatonnement process TI - Controlling the Walrasian tatonnement process UR - http://hdl.handle.net/11427/13424 ER - en_ZA
dc.identifier.urihttp://hdl.handle.net/11427/13424
dc.identifier.vancouvercitationCharlton R. Controlling the Walrasian tatonnement process. [Thesis]. University of Cape Town ,Faculty of Commerce ,School of Economics, 2009 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/13424en_ZA
dc.language.isoengen_ZA
dc.publisher.departmentSchool of Economicsen_ZA
dc.publisher.facultyFaculty of Commerceen_ZA
dc.publisher.institutionUniversity of Cape Town
dc.subject.otherEconomicsen_ZA
dc.titleControlling the Walrasian tatonnement processen_ZA
dc.typeMaster Thesis
dc.type.qualificationlevelMasters
dc.type.qualificationnameMComen_ZA
uct.type.filetypeText
uct.type.filetypeImage
uct.type.publicationResearchen_ZA
uct.type.resourceThesisen_ZA
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