Learning in a dynamic producer–consumer market

摘要

The global asymptotical stability of a continuous single-product dynamic producer–consumer market is examined under the assumption that at each time period each producer forms certain expectations on the output of the competitors. In this study, Cournot, adaptive, and extrapolative expectations are discussed, and the corresponding stability conditions are interpreted and compared. Some of the results are the straightforward generalizations of the corresponding stability theorems proved earlier for multiproduct oligopolies.