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New non-equilibrium cobweb dynamical evolution model and its application

Author

Listed:
  • Fu, Min
  • Xia, Jun
  • Fan, Xinghua
  • Tian, Lixin
  • Wang, Minggang

Abstract

A new cobweb model is built under price adjustment situation. Its price correction function considers the dynamic effects of regulation. Accuracy and authenticity of the analysis are increases. The new model is applied to the analysis of stability of power's supply and demand. An empirical analysis is carried out to study electricity power market in Jiangsu province and Shandong province in China. Results from the new model are not identical with the old one. The new model performs better in showing the dynamic effects with price changes and the dynamic law system. Furthermore, the stability for the new cobweb model without considering external influences is also considered. The study shows the stability of new model by numerical analysis. Probability of stability is given.

Suggested Citation

  • Fu, Min & Xia, Jun & Fan, Xinghua & Tian, Lixin & Wang, Minggang, 2015. "New non-equilibrium cobweb dynamical evolution model and its application," Economic Modelling, Elsevier, vol. 51(C), pages 544-550.
  • Handle: RePEc:eee:ecmode:v:51:y:2015:i:c:p:544-550
    DOI: 10.1016/j.econmod.2015.09.003
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    References listed on IDEAS

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    1. Dieci, Roberto & Westerhoff, Frank, 2010. "Interacting cobweb markets," Journal of Economic Behavior & Organization, Elsevier, vol. 75(3), pages 461-481, September.
    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. Commendatore, Pasquale & Currie, Martin, 2008. "The cobweb, borrowing and financial crises," Journal of Economic Behavior & Organization, Elsevier, vol. 66(3-4), pages 625-640, June.
    4. Feil, Jan-Henning & Musshoff, Oliver, 2013. "Modelling investment and disinvestment decisions under competition, uncertainty and different market interventions," Economic Modelling, Elsevier, vol. 35(C), pages 443-452.
    5. Glasure, Yong U. & Lee, Aie-Rie, 1998. "Cointegration, error-correction, and the relationship between GDP and energy: The case of South Korea and Singapore," Resource and Energy Economics, Elsevier, vol. 20(1), pages 17-25, March.
    6. Onozaki, Tamotsu & Sieg, Gernot & Yokoo, Masanori, 2000. "Complex dynamics in a cobweb model with adaptive production adjustment," Journal of Economic Behavior & Organization, Elsevier, vol. 41(2), pages 101-115, February.
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    1. repec:eee:ecmode:v:72:y:2018:i:c:p:363-378 is not listed on IDEAS

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