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Asymptotic stability of a general equilibrium under perfect and monopolistic competition |
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| Affiliation: | 1. CNRS-University of Cergy-Pontoise (THEMA, UMR 8184), France;2. CNRS-Paris School of Economics (PjSE, UMR 8545), France;1. Korea University, Republic of Korea;2. University of Exeter, United Kingdom;1. Centro de Patogénese Molecular/URIA, Faculdade de Farmácia da Universidade de Lisboa, Av. Prof. Gama Pinto, 1649-003 Lisbon, Portugal;2. Departamento de Doenças Infecciosas, Instituto Nacional de Saúde Dr Ricardo Jorge, Av. Padre Cruz, 1649-016 Lisbon, Portugal |
| Abstract: | This study examines the asymptotic stability of a general equilibrium for an economy under perfect and monopolistic competition in which delays in a production process arise. Crucially, we find that the sufficient conditions for the stability of the equilibrium in each model differ markedly. For the stability of the equilibrium under perfect (monopolistic) competition, it is favorable that the slope of every demand curve is gradual (steep). |
| Keywords: | General equilibrium Perfect competition Monopolistic competition Stability Cobweb process Delay equation |
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