## A Queuing Theory Model of Market Equilibrium |

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### Contents

I THE CASE FOR A PROBABILISTIC MODEL | 6 |

I CHOICE OF A MODEL AND THE SOURCES | 17 |

THE QUEUING MODEL | 50 |

1 other sections not shown

### Common terms and phrases

analysis argument assume assumption batch arrivals behavior buyers and sellers calculate change of price considered constant consumers Cootner demand and supply demand curve demand or supply deterministic equilibrium price deterministic model deterministic price Discontinuous Strong Discontinuous distribution of prices E(TBD/state economic Equation excess supply expected price expected value final set given hypothesis interval linear Louis Bachelier market equilibrium Markov chain Markov Processes matrix mean arrival rate mean rate model of market negative exponential normal price orders to buy orders to sell period Poisson distribution positive present price change mechanism price correction mechanism price distribution price expectations probabilistic probability distribution probability vector Quandt Queue Escape queue length queuing formulation queuing model queuing theory random element random variables random walk rate of arrival rate of change Robinson Sequence source of randomness standard model steady-state stock market Strong Discontinuous Strong supply curves tions transaction variance of price