IIASA RepositoryChange in Economic Mechanism: Model of Evolutionary Transition from Budgets Regulation to Competitive MarketV.I.ArkinauthorA.D.SlastnikovauthorIn the framework of dynamic equilibrium theory we propose a model of evolutionary transition from Economy with centralized budgets regulation to Market Economy (with self-financing). It is assumed that information about possible change of economic mechanism affects essentially on behavior of agents. Duration of transition period is regarded as a random variable. We study conditions when such transition allows firms to adapt their plans to future market and guarantees an existence of equilibrium paths. It is also discussed the case of Shock (instantaneous transition) which may bring to bankruptcy, jump of prices and deficit.1994-11WP-94-111Monograph

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