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This paper proposes an alternative to the classical price-adjustmentmechanism (called "t\^{a}tonnement" after Walras) that is second-order in time.The proposed mechanism, an analogue to the damped harmonic oscillator, providesa dynamic equilibration process that depends only on local information. We showhow such a process can result from simple behavioural rules. The discrete-timeform of the model can result in two-step limit cycles, but as the distancecovered by the cycle depends on the size of the damping, the proposed mechanismcan lead to both highly unstable and relatively stable behaviour, as observedin real economies.

Second-Order, Dissipative T\^atonnement: Economic Interpretation and 2-Point Limit Cycles