Abstract
All rigorous methods of slices, i.e., those satisfying all equilibrium conditions, have numerical problems under some conditions, and the worst is “failure to converge” even if the solution exists. This is considered to be the unique reason that those simplified slice methods, i.e., those satisfying part of equilibrium conditions, are still in use. The purpose of this study is to develop a solution procedure for those rigorous methods such as Morgenstern-Price's method. The procedure is so robust that it is able 1) to detect whether the solutions exist within a specified domain; 2) to find out all possible solutions; 3) and to trace all branches of equilibrium curves in the domain.
