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The Management of the Process of Equilibrium Price Formation in the Evans Model
Dilenko V. О., Naumenko P. O.

Dilenko, Viktor О., and Naumenko, Pavlo O. (2025) “The Management of the Process of Equilibrium Price Formation in the Evans Model.” Business Inform 1:146–152.
https://doi.org/10.32983/2222-4459-2025-1-146-152

Section: Economic and Mathematical Modeling

Article is written in Ukrainian
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UDC 519.865.3

Abstract:
The article proposes an original economic-mathematical approach to analyzing the processes of equili-brium price formation in the Evans model, the main feature of which is that the key participants in market interaction (consumer, producer, and auctioneer) are not neutral elements but are considered active economic agents who seek to achieve their own goals and objectives in the process of equili-brium price formation. The content of these goals and objectives is determined by the economic inter-ests and capabilities of the active elements of the model, which are provided by the economic instru-ments available to them: demand and supply functions, the auctioneer, and the current price. Accor-dingly, for each of the mentioned agents, a potential range of their actions is defined. An individual consumer cannot influence the processes of equilibrium price formation, and therefore the content of their tasks is limited to observing and analyzing the market situation. The producer in a monopoly has the ability to change the type of supply function or its parameters, and thus, he can alter the speed at which the price converges to the equilibrium value (corresponding approximation) and/or the value itself in his own interests. The auctioneer is the main actor in the process of forming the market price, whose role is to ensure the establishment of economic equilibrium. To this end, he can utilize various types of auctioneer functions, modify the values of their parameters, and thereby influence the equili-brium price and the time it takes to approach it, both in his own interests and in the interests of other economic entities. The possibilities of implementing this approach are demonstrated through relevant numerical examples. The development of the aforementioned research can be carried out in two prom-ising directions. In theoretical terms, the construction and analysis of optimization economic-mathematical models for organizing the processes of rational pricing is of interest. On the other hand, the possibilities of the proposed approach can be considered for solving applied problems of analysis and management of the processes of price formation in the interests of real market participants.

Keywords: Evans model, equilibrium price, economic agents, price formation, analysis and management problems, numerical examples.

Fig.: 7. Formulae: 9. Bibl.: 9.

Dilenko Viktor О. – Doctor of Sciences (Economics), Associate Professor, Professor, Department of Applied Mathematics and Information Technologies, Odesa Polytechnic National University (1 Shevchenko Ave., Odesa, 65044, Ukraine)
Email: [email protected]
Naumenko Pavlo O. – Masters Student, Odesa Polytechnic National University (1 Shevchenko Ave., Odesa, 65044, Ukraine)
Email: [email protected]

List of references in article

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