Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/249150 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
BERG Working Paper Series No. 174
Verlag: 
Bamberg University, Bamberg Economic Research Group (BERG), Bamberg
Zusammenfassung: 
We develop a cobweb model in which firms, facing a two-period production delay, have access to a flexible (costly) and an inflexible (cheap) production technology. Moreover, firms select between production technologies depending on theirevolutionary fitness, measured in terms of past realized profits. The dynamics of our cobweb model is driven by a four-dimensional nonlinear map. We analytically show that its unique steady state may become unstable due to a Neimark-Sacker bifurcation, a scenario that gives rise to cyclical price dynamics, as observed in actual commodity markets. Simulations furthermore reveal that our cobweb model may also produce chaotic motion.
Schlagwörter: 
Cobweb models
production technology
cyclical price dynamics
bounded rationality and learning
stability and bifurcation analysis
chaos
JEL: 
D24
E32
Q11
ISBN: 
978-3-943153-95-8
Dokumentart: 
Working Paper

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