Description - Theory of Markets by Bertrand M. Roehner
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.
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