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Cobweb model information


The cobweb model or cobweb theory is an economic model that explains why prices may be subjected to periodic fluctuations in certain types of markets. It describes cyclical supply and demand in a market where the amount produced must be chosen before prices are observed. Producers' expectations about prices are assumed to be based on observations of previous prices. Nicholas Kaldor analyzed the model in 1934, coining the term "cobweb theorem" (see Kaldor, 1938 and Pashigian, 2008), citing previous analyses in German by Henry Schultz and Umberto Ricci.

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Cobweb model

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The cobweb model or cobweb theory is an economic model that explains why prices may be subjected to periodic fluctuations in certain types of markets....

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Pork cycle

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proposed a model of fluctuations in agricultural markets called the cobweb model, based on production lags and adaptive expectations. In his model, when prices...

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Genetic algorithms in economics

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has been used to characterize a variety of models including the cobweb model, the overlapping generations model, game theory, schedule optimization and asset...

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Adaptive expectations

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agents (see cobweb model) had become unsatisfactory to economists such as John Muth, who was pivotal in the development of an alternative model of how expectations...

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Nicholas Kaldor

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Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which...

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Glossary of economics

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sufficiently low transaction costs in the bargaining and exchange process. cobweb model A model which describes cyclical supply and demand in a market where the...

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Agricultural economics

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economics field with such models as the cobweb model, hedonic regression pricing models, new technology and diffusion models (Zvi Griliches), multifactor...

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Index of economics articles

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Classical economics – Classical general equilibrium model – Coase conjecture – Coase theorem – Cobweb model – Collective action – Collusion – Commodity – Commodity...

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History of microeconomics

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models of duopoly and monopoly in 1838, a whole new set of models grew out of this new literature. In particular the monopolistic competition model results...

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General equilibrium theory

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Robin Hahnel later based their Parecon model on the same theory. General equilibrium theorists (category) Cobweb model Decision theory Game theory Mechanism...

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List of Apple products

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Apple History, apple-history.com Dan Knight, Computer Profiles, LowEndMac, Cobweb Publishing, Inc. Steven Weyhrich, Apple II History, apple2history.org Pictorial...

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Spider web

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A spider web, spiderweb, spider's web, or cobweb (from the archaic word coppe, meaning "spider") is a structure created by a spider out of proteinaceous...

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Mathematical economics

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in supply and demand curves is now known as the cobweb model. A more formal derivation of this model was made later by Nicholas Kaldor, who is largely...

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History of macroeconomic thought

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price levels and inflation, later Keynesians adopted the Phillips curve to model price-level changes. Some Keynesians opposed the synthesis method of combining...

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Theridiidae

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Theridiidae, also known as the tangle-web spiders, cobweb spiders and comb-footed spiders, is a large family of araneomorph spiders first described by...

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List of genetic algorithm applications

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algorithm in economics Representing rational agents in economic models such as the cobweb model the same, in Agent-based computational economics generally...

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List of Mac models grouped by CPU type

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Glen Sanford, Apple History, apple-history.com. Dan Knight, Computer Profiles, LowEndMac, Cobweb Publishing, Inc. Product Specifications, Intel, Inc....

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List of Mac models

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Apple History, apple-history.com Dan Knight, Computer Profiles, LowEndMac, Cobweb Publishing, Inc. Ultimate Mac Timeline at EveryMac.com Mactimeline a timeline...

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Radar chart

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chart, spider chart, spider graph, spider web chart, star chart, star plot, cobweb chart, irregular polygon, polar chart, or Kiviat diagram. It is equivalent...

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Lauren Bacall

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starred in two feature films, The Cobweb and Blood Alley, both released in 1955. Directed by Vincente Minnelli, The Cobweb takes place at a mental institution...

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Glossary of artificial intelligence

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Washington. pp. 461–465. Iba, William; Langley, Pat (27 January 2011). "Cobweb models of categorization and probabilistic concept formation". In Pothos, Emmanuel...

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Samantha Mumba

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spring/summer collection. In 2004, she was chosen to model the World's Most Expensive Dress. A £5m diamond cobweb dress, created by Scott Henshall, which was showcased...

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Parasteatoda tepidariorum

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near human dwellings. Their prey mechanism is similar to that of the other cobweb spiders: the spider follows disturbances transmitted along the web to entangle...

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List of British Jewish writers

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Kaldor–Hicks efficiency for welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which...

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