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dc.contributor.authorKaldasch, Joachimen_US
dc.date.accessioned2011-10-11T12:35:05Z-
dc.date.available2011-10-11T12:35:05Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50531-
dc.description.abstractPresented is an evolutionary model of consumer non-durable markets, which is an extension of a previously published paper on consumer durables. The model suggests that the repurchase process is governed by preferential growth. Applying statistical methods it can be shown that in a competitive market the mean price declines according to an exponential law towards a natural price, while the corresponding price distribution is approximately given by a Laplace distribution for independent price decisions of the manufacturers. The sales of individual brands are determined by a replicator dynamics. As a consequence the size distribution of business units is a lognormal distribution, while the growth rates are also given by a Laplace distribution. Moreover products with a higher fitness replace those with a lower fitness according to a logistic law. Most remarkable is the prediction that the price distribution becomes unstable at market clearing, which is in striking difference to the Walrasian picture in standard microeconomics. The reason for this statement is that competition between products exists only if there is an excess supply, causing a decreasing mean price. When, for example by significant events, demand increases or is equal to supply, competition breaks down and the price exhibits a jump. When this supply shortage is accompanied with an arbitrage for traders, it may even evolve into a speculative bubble. Neglecting the impact of speculation here, the evolutionary model can be linked to a stochastic jump-diffusion model.en_US
dc.language.isoengen_US
dc.subject.ddc330-
dc.subject.keywordnon-durablesen_US
dc.subject.keywordevolutionary economicsen_US
dc.subject.keywordeconomic growthen_US
dc.subject.keywordprice distributionen_US
dc.subject.keywordLaplace distributionen_US
dc.subject.keywordreplicator dynamicsen_US
dc.subject.keywordfirm growthen_US
dc.subject.keywordjump-diffusion modelen_US
dc.subject.stwKonsumguten_US
dc.subject.stwEvolutionsökonomiken_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwPreisen_US
dc.subject.stwStatistische Verteilungen_US
dc.subject.stwUnternehmenswachstumen_US
dc.titleEvolutionary Model of Non-Durable Marketsen_US
dc.typePreprinten_US
dc.identifier.ppn682418919-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:esprep:50531-
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