Full-cost pricing in the classical competitive process: A model of convergence to long-run equilibrium

Risultato della ricerca: Contributo in rivistaArticolo in rivista

10 Citazioni (Scopus)

Abstract

In the last 10-15 years a lot of attempts has been devoted to study the classical process of convergence of "market prices" toward "natural prices." The two forces that one has thought could achieve this target were capital mobility, that determines the dynamics of output, and demand-supply forces, that determine the dynamics of prices. In this article a model of classical competition is proposed in which a full-cost pricing mechanism is adopted in the rule of evolution of market prices. An asymptotical stability result of long-run equilibrium is proved for a two-commodity model with and without a final demand.
Lingua originaleEnglish
pagine (da-a)41-54
Numero di pagine14
RivistaJOURNAL OF ECONOMICS
Volume65
DOI
Stato di pubblicazionePubblicato - 1997

Keywords

  • Capital mobility
  • Capitalistic competition
  • Full-cost pricing
  • Gravitation
  • Long-run equilibrium
  • Market prices
  • Natural prices

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