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  • P-ISSN1226-0657
  • E-ISSN2287-6081
  • KCI

ISSN : 1226-0657

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Vol.16 No.1

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GLOBALIZATION OF A LOCAL MARKET DYNAMICS ONTO AN INFINITE CHAIN OF LOCAL MARKETS

Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics / Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics, (P)1226-0657; (E)2287-6081
2009, v.16 no.1, pp.133-145
Kim, Yong-In
Kim,, Y. (2009). GLOBALIZATION OF A LOCAL MARKET DYNAMICS ONTO AN INFINITE CHAIN OF LOCAL MARKETS. Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics, 16(1), 133-145.

Abstract

The purpose of this paper is to extend and globalize the Walrasian evolutionary cobweb model in an independent single local market of Brock and Hommes ([3]), to the case of the global market evolution over an infinite chain of many local markets interacting each other through a diffusion of prices between them. In the case of decreasing demands and increasing supplies with a weighted average of rational and naive predictors, we investigate, via the methods of Lattice Dynamical System, the spatial-temporal behaviors of global market dynamics and show that some kind of bounded dynamics of global market do exist and can be controlled by using the parameters in the model.

keywords
Cobweb model, Lattice Dynamical System

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Journal of the Korean Society of Mathematical Education Series B: The Pure and Applied Mathematics

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