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The cobweb model explains why agricultural prices often oscillate from season to season when farmers base planting decisions on last year's market prices.
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The cobweb model explains why agricultural prices often oscillate from season to season when farmers base planting decisions on last year's market prices.
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Related words
cobweb model
Noun
(economics)
An
economic
model
that
ascribes
the
periodic
price
fluctuations
in
certain
types
of
market
to
cyclical
supply
and
demand
where
the
amount
produced
must
be
chosen
before
prices
are
observed,
and
producers'
expectations
about
prices
are
assumed
to
be
based
on
observations
of
previous
prices.
Japanese Meaning
経済学における理論モデルで、価格が観察される前に生産量が決定されるため、過去の価格データに基づく需要と供給の期待から、周期的な価格変動が生じる現象を説明するもの
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