Equilibrium storage with multiple commodities

被引：2
|
作者：
Nishimura, Kazuo [1 ]
Stachurski, John [1 ]
机构：
[1] Kyoto Univ, Inst Ecol Res, Sakyo Ku, Kyoto 6068501, Japan
来源：
JOURNAL OF MATHEMATICAL ECONOMICS | 2009年 / 45卷 / 1-2期
基金：
日本学术振兴会;
关键词：
Commodities; Dynamic programming; Stability; OPTIMAL-GROWTH; PRICE; MODELS;
D O I：
10.1016/j.jmateco.2008.07.004
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper introduces a multisector model of commodity markets with storage, where equilibrium is defined by profit maximization, arbitrage and market clearing conditions. We then solve for the decentralized equilibrium via a corresponding dynamic program. We also describe the dynamics of the model, establishing geometric ergodicity, a Law of Large Numbers and a Central Limit Theorem. (C) 2008 Elsevier B.V. All rights reserved.
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页码：80 / 96
页数：17
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