Abstract
A dynamical system (DS) describes the evolution over time of all points in a given subspace of an n-Euclidean space. For example consumption c = (c1,..., c n ) is a point in the commodity space. Similarly, price p ∈ Rn + is a point in the price space and Walras’ law ṗ = ̂kE(p) describes the evolution over time of prices in response to excess demand E(p), with speed ̂k where ̂k = diag(k 1 , k 2 ,...,k n ).
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© 1994 Springer-Verlag Berlin · Heidelberg
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Tu, P.N.V. (1994). Introduction. In: Dynamical Systems. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-78793-5_1
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DOI: https://doi.org/10.1007/978-3-642-78793-5_1
Publisher Name: Springer, Berlin, Heidelberg
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