Abstract
This paper introduces and studies a new type of dynamic system that characterizes the behavior of a dynamic market in dynamic eqùilibrium. The system consists of a physical production process operated by a large collection of producers, a group of consumers with a demand function, and a market that provides the dynamic equilibrium as the producers attempt to maximize profit. The paper introduces these dynamic equilibrium systems and discusses some of their basic properties. The concepts of reachability and observability are considered and it is shown that there are extensions of these concepts to equilibrium systems.
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