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Erschienen in:
1991 | OriginalPaper | Buchkapitel
Cobweb Theorem
verfasst von : B. Peter Pashigian
Erschienen in: The World of Economics
Verlag: Palgrave Macmillan UK
Enthalten in: Professional Book Archive
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The persistent fluctuations of prices in selected agricultural markets have attracted the attention of economists from time to time, and the theory of the cobweb was developed to explain them. The theory is applicable to those markets where production takes time, where the quantity produced depends on the price anticipated at the time of sale and where supply at time of sale determines the actual market price.