摘要翻译:
本文提出了一种替代经典价格调整机制(以Walras命名为“t{a}tonnement”)的二阶时间调整机制。所提出的机制,类似于阻尼谐振子,提供了一个只依赖于局部信息的动态平衡过程。我们展示了这样一个过程是如何从简单的行为规则中产生的。模型的离散时间形式可能导致两步极限环,但由于周期覆盖的距离取决于阻尼的大小,所提出的机制可能导致高度不稳定和相对稳定的行为,正如在实际经济中观察到的那样。
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英文标题:
《Second-Order, Dissipative T\^atonnement: Economic Interpretation and
2-Point Limit Cycles》
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作者:
Eric Kemp-Benedict
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最新提交年份:
2011
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分类信息:
一级分类:Quantitative Finance 数量金融学
二级分类:General Finance 一般财务
分类描述:Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类:Physics 物理学
二级分类:Physics and Society 物理学与社会
分类描述:Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体(人类或其他)的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统(如能源网、运输网络)的物理和工程。
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英文摘要:
This paper proposes an alternative to the classical price-adjustment mechanism (called "t\^{a}tonnement" after Walras) that is second-order in time. The proposed mechanism, an analogue to the damped harmonic oscillator, provides a dynamic equilibration process that depends only on local information. We show how such a process can result from simple behavioural rules. The discrete-time form of the model can result in two-step limit cycles, but as the distance covered by the cycle depends on the size of the damping, the proposed mechanism can lead to both highly unstable and relatively stable behaviour, as observed in real economies.
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PDF链接:
https://arxiv.org/pdf/1108.0188