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Carl's nonlinear cobweb
In: Journal of economic dynamics & control, Band 91, S. 7-20
ISSN: 0165-1889
The cobweb, borrowing and financial crises
In: Journal of Economic Behavior & Organization, Band 66, Heft 3-4, S. 625-640
Studies of non-linear cobweb models have failed to address a fundamental issue: whether the complex dynamical behavior displayed by such models is consistent with the survival of producers. This paper shows that where borrowing is unconstrained, as is implicitly assumed in standard cobweb models, borrowing results in financial crises. Incorporating constraints on borrowing is needed to salvage cobweb models. Industry performance (in terms both of profitability and of the incidence of bankruptcies) is highly sensitive to the nature of such credit restrictions.
Risk and the Cobweb Theorem
In: The Economic Journal, Band 60, Heft 240, S. 839
Risk and the Cobweb Theorem
In: The Economic Journal, Band 60, Heft 237, S. 69
Learning in a double-phase cobweb model
In: Decisions in economics and finance: a journal of applied mathematics, Band 44, Heft 2, S. 579-611
ISSN: 1129-6569, 2385-2658
AbstractIn this paper, we study a class of markets, among which we can mention agricultural and energy markets, characterized by seasonality, i.e., in which demand and/or supply conditions cyclically alternate with a precise and known periodicity. We propose a new theoretical framework based on a cobweb model with adaptive expectations, accordingly modified to be consistent with market's seasonality. The model, consisting in a second-order non-autonomous difference equation, is investigated with the aim of understanding how the periodical nature of the market together with the agents' expectation formation mechanism affects the resulting dynamics. We analytically prove the emergence of dynamical scenarios that are missing in the classic cobweb model for non-seasonal markets, such as quasi-periodic dynamics and an ambiguous role on stability of the expectation weight. Finally, we discuss their economic rationale with the help of numerical simulations. In such a peculiar economic framework, agents' learning plays a key role to explain the dynamical properties of economic observables.
Cobwebs in Plans to Pay Creative People
In: Compensation review, Band 3, Heft 1, S. 40-45
On adaptive expectations and cobweb phenomena
In: Zeitschrift für Nationalökonomie: Journal of economics, Band 26, Heft 4, S. 470-472
ISSN: 2304-8360
Marshall, Walras and the Cobweb Theorem
In: The American economist: journal of the International Honor Society in Economics, Omicron Delta Epsilon, Band 21, Heft 2, S. 23-29
ISSN: 2328-1235
Rational Expectations and the Cobweb Theory
In: Journal of political economy, Band 78, Heft 2, S. 338-352
ISSN: 1537-534X
Cobweb Cycles and Partially Correct Forecasting
In: Journal of political economy, Band 72, Heft 3, S. 300-305
ISSN: 1537-534X
Learning, expectations, and the cobweb model
In: Zeitschrift für Nationalökonomie: Journal of economics, Band 20, Heft 3-4, S. 297-315
ISSN: 2304-8360
A Reconsideration of the Cobweb Theorem
In: Journal of political economy, Band 47, Heft 1, S. 67-81
ISSN: 1537-534X
A reconsideration of the cobweb theorem
In: Journal of political economy, Band 47, S. 67-81
ISSN: 0022-3808