COBWEB THEORY, MARKET STABILITY, AND PRICE EXPECTATIONS

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-01-30 DOI:10.1017/S1053837222000116

Geoffrey Poitras

引用次数: 1

Abstract

Contributors to cobweb theory include many leading economists of the twentieth century. From early beginnings in 1930, cobweb theory played a key role in evolving perceptions of market stability arising from recursive linear models with endogenous dynamics. The focal point of this evolution in cobweb theory is the transition from naive to adaptive to rational price expectations. After a review of the prehistory, this paper examines the first wave of linear cobweb theory initiated by Jan Tinbergen, Henry Schultz, and Umberto Ricci and proceeds to consider the evolution of price expectations in the second wave of cobweb models associated with endogenous cycles in commodity markets. The role of modern cobweb theory in discussions about the stability of market equilibrium and the connection to processes with rational expectations is assessed.

查看原文本刊更多论文

蛛网理论、市场稳定和价格预期

蛛网理论的贡献者包括许多20世纪的主要经济学家。从1930年早期开始，蛛网理论在具有内生动力的递归线性模型中对市场稳定性的看法的演变中发挥了关键作用。在蛛网理论中，这种演变的焦点是从幼稚到适应理性价格预期的转变。在回顾了史前史之后，本文考察了由Jan Tinbergen、Henry Schultz和Umberto Ricci发起的第一波线性蛛网理论，并继续考虑与商品市场内生周期相关的第二波蛛网模型中价格预期的演变。本文评估了现代蛛网理论在讨论市场均衡稳定性和与理性预期过程的联系中的作用。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.