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This paper develops a strategic model of trade between two regions in which,depending on the relation among output, financial resources and transportationcosts, the adjustment of prices towards an equilibrium is studied. We deriveconditions on the relations among output and financial resources which producedifferent types of Nash equilibria. The paths obtained in the process ofconverging toward a steady state for prices under discrete-time andcontinuous-time dynamics are derived and compared. It turns out that theresults in the two cases differ substantially. Some of the effects of randomdisturbances on the price dynamics in continuous time are also studied.

Price dynamics in a strategic model of trade between two regions