
doi: 10.1007/bf01320052
The conclusions which may be drawn from this essay are modest, but they merit reiteration. There are two basic modifications of the simple cobweb model which appear to be useful. On the one hand, the learning-behavior hypothesis serves as a stabilizer. On the other, unilateral coupling provides a method of maintaining fluctuations in an otherwise stable model. When the two are combined, one obtains a modified cobweb which may be both a more useful empirical, and a more suggestive theoretical, model of individual markets. On these grounds, it seems reasonable to suggest that the cobweb may see thirty more years of useful service.
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