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- W657202848 abstract "With risk averse producers, the traditional cobweb model becomes non-linear. The currently produced quantity is an homographic function of previous years' quantities. This may result in the market generating chaotic price and quantity series, especially if demand is rigid. Hedging facilities are unable to reduce the magnitude of fluctuations, which are socially detrimental, especially from the consumers' point of view. This justifies public intervention in markets such as those for staple food commodities or health care." @default.
- W657202848 created "2016-06-24" @default.
- W657202848 creator A5051641002 @default.
- W657202848 date "1994-08-22" @default.
- W657202848 modified "2023-09-27" @default.
- W657202848 title "A risk generated non linear cobweb" @default.
- W657202848 hasPublicationYear "1994" @default.
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