Nonlinear-cobweb dynamics in the approach to equilibrium

ANZIAM J. 46 (2004), 79-83

Nonlinear-cobweb dynamics in the approach to equilibrium

J. M. Gaffney
School of Applied Mathematics
The University of Adelaide
SA 5005, Australia
jgaffney@maths.adelaide.edu.au

and

C. E. M. Pearce
School of Applied Mathematics
The University of Adelaide
SA 5005, Australia
cpearce@maths.adelaide.edu.au

Abstract

We discuss some propositions of Holmes and Manning relating to the evolution of price in a cobweb market approaching equilibrium. We find in particular that the detailed behaviour of the linear model is quite typical of nonlinear cobweb models.

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