Contemporary Reformulation
Game theory and models of strategic interaction have largely replaced kinked demand to explain price dislocations and slowly adjusting prices. For further information see:
Read more about this topic: Kinked Demand
Famous quotes containing the word contemporary:
“This socialism will develop in all its phases until it reaches its own extremes and absurdities. Then once again a cry of denial will break from the titanic chest of the revolutionary minority and again a mortal struggle will begin, in which socialism will play the role of contemporary conservatism and will be overwhelmed in the subsequent revolution, as yet unknown to us.”
—Alexander Herzen (1812–1870)