Document Type

Working Paper

Abstract

The endogenous dynamics of a closed constant returns multi-market economy are examined in which agents face downward sloping demand. The trigger for growth in this model is a technological change that warrants costly adjustment in input quantities by agents. In the resulting dynamic game, relative prices within markets remain constant. Consequently, all own price elasticities are constant.

Publication Date

1-4-2003

Publisher

Indian Institute of Management Bangalore

Relation

IIMB Working Paper-218

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