Summary
Computer program with manufacturers, wholesalers, and retailers. Besides the usual set of economic variables the model possesses the following features: (1) It represents a multi-stage market; (2) the firms constituting the market face uncertainty and operate with limited information; (3) transactions occur by means of sequences of steps that are reminiscent of the Walrasian “tâtonnements”; and (4) the system is dynamic.
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© 1976 Springer-Verlag Berlin Heidelberg
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Balderston, F.E., Hoggatt, A.C. (1976). Simulation of Market Processes. In: Mathematical Models in Marketing. Lecture Notes in Economics and Mathematical Systems, vol 132. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-51565-1_149
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DOI: https://doi.org/10.1007/978-3-642-51565-1_149
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-07869-2
Online ISBN: 978-3-642-51565-1
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