Theory of Markets: Trade and Space-time Patterns of Price Fluctuations - A Study in Analytical Economics (Advances in Spatial & Network Economics) - Hardcover

Roehner, Bertrand M.

Hardcover

ISBN 10: 3540588159 ISBN 13: 9783540588153

Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. K, 1995

Synopsis

Book titles, because they are compromises between concision and precision, provide but an approximate description of real content. For this book an al- ternative and more comprehensive title would be: An investigation of spatial arbitrage as an introduction to the theory of commodity markets: trade and space-time patterns of price fluctuations. In this title, both the specificities and the limitations of our approach are emphasized. Firstly, our approach con- centrates on the basic mechanisms of spatial arbitrage, leaving aside a number of accessory facets of international trade such as the impact of quotas or of ex- change rates. Secondly, for the sake of simplicity we restrict ourselves to single commodity markets; the interrelationship of different goods on multi-commodity markets are only occasionally mentioned. The previous restrictions, however drastic they may at first appear delimit and define what can be considered as the core of the process of trade and of spatial transactions. Having thus simplified the object of our study, we are able to tackle the problem in a systematic way and to model spatial differentials along with their relationships to the volume of trade both in eqUilibrium and in non-equilibrium situations. As far as the subtitle of the book is concerned, we shall postpone the discussion of what is meant by the expression "analytical economics" until the concluding chapter.

About this title

Synopsis

The purpose of this monograph 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 productive demand functions are the main determinants. The model, referred to as the Enke-Samuelson model, is developed step by step. Firstly, it is introduced in the perspective of spatial price equilibrium. Then its dynamic extension is applied to non-equilibrium situations and finally it is formulated in the framework of random fields.

Edition details

• Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. K
• Publication date: 1995
• Language: English
• ISBN 10: 3540588159
• ISBN 13: 9783540588153
• Binding: Hardcover
• Number of pages: 423