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The cobweb theorem and delays in adjusting supply in metals' markets

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  • Simon Glöser-Chahoud
  • Johannes Hartwig
  • I. David Wheat
  • Martin Faulstich

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  • Simon Glöser-Chahoud & Johannes Hartwig & I. David Wheat & Martin Faulstich, 2016. "The cobweb theorem and delays in adjusting supply in metals' markets," System Dynamics Review, System Dynamics Society, vol. 32(3-4), pages 279-308, July.
  • Handle: RePEc:bla:sysdyn:v:32:y:2016:i:3-4:p:279-308
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    1. Irwin, Scott H. & Sanders, Dwight R., 2012. "Financialization and Structural Change in Commodity Futures Markets," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 44(3), pages 371-396, August.
    2. Colucci, Domenico & Valori, Vincenzo, 2011. "Adaptive expectations and cobweb phenomena: Does heterogeneity matter?," Journal of Economic Dynamics and Control, Elsevier, vol. 35(8), pages 1307-1321, August.
    3. Slavko V. Šolar & Deborah J. Shields & Michael D. Miller, 2009. "Mineral Policy in the Era of Sustainable Development:historical context and future content," Research Reports 200902, South Dakota State University, Department of Economics.
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    8. Klaus Reiner Schenk-Hoppé, 2004. "Resuscitating the cobweb cycle," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 23(8), pages 621-624.
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    13. Rosenau-Tornow, Dirk & Buchholz, Peter & Riemann, Axel & Wagner, Markus, 2009. "Assessing the long-term supply risks for mineral raw materials--a combined evaluation of past and future trends," Resources Policy, Elsevier, vol. 34(4), pages 161-175, December.
    14. Hommes, Cars H., 1994. "Dynamics of the cobweb model with adaptive expectations and nonlinear supply and demand," Journal of Economic Behavior & Organization, Elsevier, vol. 24(3), pages 315-335, August.
    15. Hommes, Cars H., 1998. "On the consistency of backward-looking expectations: The case of the cobweb," Journal of Economic Behavior & Organization, Elsevier, vol. 33(3-4), pages 333-362, January.
    16. Chiarella, Carl, 1988. "The cobweb model: Its instability and the onset of chaos," Economic Modelling, Elsevier, vol. 5(4), pages 377-384, October.
    17. John Geanakoplos, 2008. "Overlapping Generations Models of General Equilibrium," Levine's Working Paper Archive 122247000000002225, David K. Levine.
    18. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
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    20. Mordecai Ezekiel, 1938. "The Cobweb Theorem," The Quarterly Journal of Economics, Oxford University Press, vol. 52(2), pages 255-280.
    21. Roberts, Mark C., 2009. "Duration and characteristics of metal price cycles," Resources Policy, Elsevier, vol. 34(3), pages 87-102, September.
    22. Oliva, Rogelio, 2003. "Model calibration as a testing strategy for system dynamics models," European Journal of Operational Research, Elsevier, vol. 151(3), pages 552-568, December.
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    24. Arthur A. Harlow, 1960. "The Hog Cycle and the Cobweb Theorem," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 42(4), pages 842-853.
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    Cited by:

    1. Chaudhry, Muhammad Imran & Miranda, Mario J., 2018. "Complex price dynamics in vertically linked cobweb markets," Economic Modelling, Elsevier, vol. 72(C), pages 363-378.
    2. Poitras, Geoffrey, 2022. "Cobweb Theory, Market Stability and Price Expectations," OSF Preprints xsemj, Center for Open Science.
    3. Tapia, Carlos & Coulton, Jeff & Saydam, Serkan, 2020. "Using entropy to assess dynamic behaviour of long-term copper price," Resources Policy, Elsevier, vol. 66(C).

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