Theory of Markets: Trade and Space-Time Patterns of Price Fluctuations. a Study in Analytical Economics
The purpose of the book is to investigate the foundations of international and interregional trade at the microeconomic level of spatially separated commodity markets. At this level, price arbitrage and local disparities in production and demand functions are the main determinants. The model, referred to as the Enke-Samuelson model, is developed step by step: first it is introduced in the perspective of spatial price equilibrium, then its dynamic extension is applied to non-equilibrium situations; finally it is formulated in the framework of random fields. The theoretical construction goes hand in hand with empirical investigation and the model is confronted against statistical evidence whenever it is possible.
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Outline of the book
24 other sections not shown
analysis Appendix arbitrage assumption autocorrelation autoregressive modelling autoregressive process average chain of markets chapter cities coefficient commodity markets conditional expectation consider convergence correlation function correlation length corresponds covariance function decrease defined denotes diffusion equation discuss distance economic Enke-Samuelson model equation equilibrium ergodicity estimates evolution excess-supply functions exports expression factor figures finite fluctuations France freight rates Germany given grain Green's function Horizontal scale important increase instance inter-market interaction intercorrelation interdependence lemma market integration matrix nineteenth century nonlinear model obtains paragraph parameters Pareto distribution Pareto index period price differentials price series pricing model production rational expectations region respect Roehner sample second order solid curve solution Source space-time spatial price standard deviation stationarity statistical stochastic Table term tests theorem trade transportation costs United urban variables variance vertical scale wheat wheat markets wheat prices white noise zero