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Nonmonotonic Demand and Supply Curves

  • Matthias Ruth
  • Bruce Hannon
Part of the Modeling Dynamic Systems book series (MDS)

Abstract

In the previous chapter, we saw chaos emerge in a model of a consumer’s demand for a good. In this chapter, we model chaos as a result of particular interactions between demand and supply of a good. Before we do this, let us briefly review the workings of a market characterized by demand and supply curves. Let us assume that demand and supply are not instantaneously equated with each other. Rather, adjustments in demand and supply take time.

Keywords

Chaotic Behavior Demand Curve Excess Demand Supply Curve Previous Chapter 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag New York, Inc. 1997

Authors and Affiliations

  • Matthias Ruth
    • 1
  • Bruce Hannon
    • 2
  1. 1.Center for Energy and Environmental Studies and the Department of GeographyBoston UniversityBostonUSA
  2. 2.Department of GeographyUniversity of IllinoisUrbanaUSA

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