Abstract
Extending a qualitative simulation of a market-based equilibrium model, this paper demonstrates the technical applicability of partial simulation from a more realistic disequilibrium viewpoint, where a market cannot be cleared promptly and it is subject to quantity constraints of spillover from other imbalanced markets. Some well-known observations of disequilibrium economics such as the effectiveness of policy change in relation with disequilibrium regime are proven to be correct in qualitative reasoning and simulation.
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Lin, KP., Farley, A.M. Qualitative economic reasoning: a disequilibrium perspective. Computer Science in Economics and Management 4, 117–133 (1991). https://doi.org/10.1007/BF00436286
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DOI: https://doi.org/10.1007/BF00436286