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Abstract
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Article Information:
The Chaotic General Economic Equilibrium Model and Monopoly
Vesna D. Jablanovic
Corresponding Author: Vesna D. Jablanovic
Submitted: June 11, 2012
Accepted: July 04, 2012
Published: September 25, 2012 |
Abstract:
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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.
Key words: Chaos, general equilibrium, monopoly, output, , ,
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Abstract
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Cite this Reference:
Vesna D. Jablanovic, . The Chaotic General Economic Equilibrium Model and Monopoly. Asian Journal of Business Management, (4): 373-375.
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ISSN (Online): 2041-8752
ISSN (Print): 2041-8744 |
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