Extrapolative Expectations and Market Stability
提出一个拍卖者模型，价格根据外推的超额需求调整，而非当前超额需求。若预期对当前变化率足够敏感，每个正则市场均衡都是局部稳定的。该模型为牛顿类市场调整方法提供了制度解释。
An auctioneer model of market adjustment is proposed which, unlike the standard formulation, has prices react to extrapolated (rather than prevailing) excess demands. If expectations are sufficiently sensitive to current rates of change, every regular market equilibrium is shown to be locally stable. The model can be regarded as providing an institutional interpretation to Newton-like methods of market adjustment that, as the Newton process itself, ensure stability of every regular zero of a vector field