ISER Discussion Paper, Institute of Social and Economic Research, Osaka University 589
The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions is identified which guarantee not only convergence to some equilibrium but also robustness of these properties.
global stability conditions dynamics on the plane excess demand functions Dulac's Criterion