Cobweb Theorems with Production Lags and Price Forecasting

The classical cobweb theorem is extended to include production lags and price forecasts. Price forecasting based on a longer period has a stabilizing effect on prices. Longer production lags do not necessarily lead to unstable prices; very long lags lead to cycles of constant amplitude. The classical cobweb requires elasticity of demand to be greater than that of supply; this is not necessarily the case in a more general setting, price forecasting has a stabilizing effect. Random shocks are also considered

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Year of publication:	2012
Authors:	Dufresne, Daniel
Other Persons:	Vazquez-Abad, Felisa J. (contributor)
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Cobweb \| Theorie \| Theory \| Prognose \| Forecast \| Lag-Modell \| Lag model \| Preis \| Price \| Produktion \| Production \| Stabilität eines Gleichgewichts \| Stability of equilibrium

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