| Abstract |
Article Information:
The Chaotic General Economic Equilibrium Model and Monopoly
Vesna D. Jablanovic
Corresponding Author: Vesna D. Jablanovic
Key words: Chaos, general equilibrium, monopoly, output, , ,
Vol. 4 , (4): 373-375 |
| Submitted |
Accepted |
Published |
| June 11, 2012 |
July 04, 2012 |
September 25, 2012 |
The basic aim of this study is to construct a relatively simple chaotic general economic equilibrium
growth model that is capable of generating stable equilibrium, cycles, or chaos. An important example of general
economic equilibrium is provided by monopolies. A key hypothesis of this study is based on the idea that the
coefficient π = b mRS/m (α-1) (1+1/e) mRT plays a crucial role in explaining local stability of the general equilibrium
output, where, b: The coefficient of the quadratic marginal-cost function, m: The coefficient of the inverse demand
function, mRS: The marginal rate of substitution, mRT: Marginal rate of transformation, α: The coefficient of the
monopoly price growth, e: The coefficient of the price elasticity of demand. |
Cite this Reference:
Vesna D. Jablanovic, 2012. The Chaotic General Economic Equilibrium Model and Monopoly.
Asian Journal of Business Management, 4(4): 373-375. |
|
|
|
 |
ISSN (Online): 2041-8752
ISSN (Print): 2041-8744 |
 |
|
