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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Economics Discussion Papers No. 2012-17
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
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.
Schlagwörter: 
Cobweb theorem
production lags
stable markets
price fluctuations
JEL: 
C02
C62
C65
D58
E32
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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