The Price Determination in the Inventory Stock Market: A Disequilibrium Analysis
提出一个分析市场非均衡的框架，聚焦于存货股票市场（中间商交易存货的市场），说明价格如何在该市场中决定，以区别于新古典理论中价格平衡生产与消费的作用。
The purpose of this paper is to present a framework for analyzing disequilibrium in a market, whose particular value lies especially in its capacity to demonstrate an economic process in which the economy approaches the equilibrium of neoclassical theory. Tatonnement has been cited as an approaching process towards equilibrium since Walras. However, because no production, consumption, and exchange activities are allowed to be conducted during the process until equilibrium is reached, tatonnement is not an economic process; rather it is, in effect, a mathematical algorithm to approximate equilibrium prices successively. Tatonnement, therefore, does not portray an actual process in which the economy approaches its equilibrium as individuals are engaging in production, consumption, and exchange activities. With this inadequency of tatonnement recognized, non-tatonnement processes have been proposed. (For instance, Uzawa [1962], Hahn and Negishi [1962], and Negishi [1972, Chap. 14]). Yet, production and consumption activities are not allowed to be conducted in the non-tatonnement processes, though exchange activities take place during the processes. Further, though postulated trading and price adjustment rules in the non-tatonnement processes at first sight sound plausible, it nonetheless remains ambiguous whether the rules are merely imaginary or attempting to represent particular economic set-ups and practices in real life. The central concept in our framework for disequilibrium analysis is the inventory stock market -a market frequently found as part of the distribution processes in which inventory stock of commodities are traded by middlemen. Prices in our framework are therefore determined in the inventory stock market so as to equate demand for inventory stock with the existing amount. This is in contrast to the role of the price attributed in neoclassical theory to equate the desired level of production of a commodity with the desired level of its consumption (here and hereafter meant as inclusive of consumption as material inputs and