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Equilibrium Storage with Multiple Commodities

Nishimura, Kazuo; Stachurski, John


This paper introduces a multisector model of commodity markets with storage, where equilibrium is defined by profit maximization, arbitrage and market clearing conditions. We then solve for the decentralized equilibrium via a corresponding dynamic program. We also describe the dynamics of the model, establishing geometric ergodicity, a Law of Large Numbers and a Central Limit Theorem.

CollectionsANU Research Publications
Date published: 2009
Type: Journal article
Source: Journal of Mathematical Economics
DOI: 10.1016/j.jmateco.2008.07.004


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