Self-organised adjustments in a market with price-setting firms

✦ Synopsis

The model depicts a single market where firms select prices every new transaction date. The customers, who are input-purchasing firms, decide every new date how much to buy from each supplier. The optimisation decisions of customers are based on price information and are, in addition, influenced by adjustment costs associated with changing the amount ordered (purchased) from each supplier. It is shown that such a market can have a stable equilibrium even when the product sold on the market is completely homogenous. Moreover, the solution is compatible with U-shaped, decreasing and increasing costs of the supplying firms. The main result is that if the transaction inertia is sufficiently strong, it will stabilise the market adjustment process. In equilibrium the market has a self-organised structure of transactions.

Acute and Chronic Toxicity of Veratrum V

Acute and Chronic Toxicity of Veratrum Viride††The Veratrum viride studied was the whole-powdered drug marketed by Irwin, Neisler & Co. under the name, Vertavis. The work reported herein was supported by a grant from this firm. The batch of powder used in these experiments was stated by the manufacturer to have been assayed biologically by the Craw method on Daphnia magna. One Craw unit of the material studied was stated to be 15.6mg. With regard to this assay, Mr. R. O. Craw has been so kind as to allow us to publish a brief explanation: A reference lot of Yerolrum oirid; powder was set-aside as a standard and a 10% w/v aqueous extract was made of this powder. The average median length of life in 50 assays of 1000 daphnia on immersion in the solution was determined to be 2.22 hours. The daphnia were considered dead when the heart was found to be in systolic standstill on microscopic examination. Succeeding lots of powder were assayed and their potency determined by relating the median length of life of daphnia to 2.22 hours, which is one unit. Twenty assays of 10 animals each were used on each lot of powder.‡‡The authors wish to thank Dr. J. F. A.,McManus of the Department of Pathology for a pathologic report on the tissues, and Mr. James Thomas and Mrs. Bobby E. Teague for technical assistance.

✍ Perdue, Adoline S. ;Bell, Frances ;Starnes, W.R. ;Hitchcock, Philip ;Teague, R.S 📂 Article 📅 1950 🏛 Elsevier ⚖ 346 KB 👁 1 views