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Impacts on Stability of Interdependencies Between Markets in a Cobweb Model

In: Advances in Artificial Economics

Author

Listed:
  • Emma Jonson

    (Chalmers University of Technology)

  • Liv Lundberg

    (Chalmers University of Technology)

  • Kristian Lindgren

    (Chalmers University of Technology)

Abstract

We present a cobweb model of interdependent markets on both the supply and demand sides and apply it to a food and bioenergy framework. The supply side is represented by an agent based model of global land use while the consumer side consists of interlinked demand functions. We find that the two kinds of interdependencies have opposing effects. Linking markets on the supply side transfers instabilities within the system and may cause price fluctuations in previously stable markets. Market interdependency on the demand side, on the other hand, has a stabilizing effect.

Suggested Citation

  • Emma Jonson & Liv Lundberg & Kristian Lindgren, 2015. "Impacts on Stability of Interdependencies Between Markets in a Cobweb Model," Lecture Notes in Economics and Mathematical Systems, in: Frédéric Amblard & Francisco J. Miguel & Adrien Blanchet & Benoit Gaudou (ed.), Advances in Artificial Economics, edition 127, pages 195-205, Springer.
    • Handle: RePEc:spr:lnechp:978-3-319-09578-3_16
    DOI: 10.1007/978-3-319-09578-3_16
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    Cited by:

    1. Ge Gao & Xinmin Liu & Huijun Sun & Jianjun Wu & Haiqing Liu & Wei (Walker) Wang & Zhen Wang & Tao Wang & Haoming Du, 2019. "Marginal Cost Pricing Analysis on Tradable Credits in Traffic Engineering," Mathematical Problems in Engineering, Hindawi, vol. 2019, pages 1-10, January.

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