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- Title
A Macro Model of Conjectural Equilibrium.
- Authors
Jacobsen, Hans Jorgen; Schultz, Christian
- Abstract
A macro example of Hahn's (1978) model of conjectural equilibrium is studied in order to gain some insight into the general concept of conjectural equilibrium and its relation to fix-price equilibrium. In particular, the conjecture functions are specified; elasticities of conjectured prices relative to trades at perceived constraints are assumed constant. For given elasticities, the complete set of conjectural equilibria is computed along with the price constellations compatible with different types of equilibrium, i.e., the regimes.
- Subjects
ECONOMIC equilibrium; ECONOMETRIC models; ELASTICITY (Economics)
- Publication
Scandinavian Journal of Economics, 1986, Vol 88, Issue 3, p489
- ISSN
0347-0520
- Publication type
Article
- DOI
10.2307/3440382