Cobweb Equation
المؤلف:
Ezekiel, M
المصدر:
"The Cobweb Theorem." Quart. J. Econ. 5
الجزء والصفحة:
...
18-8-2021
2176
Cobweb Equation
The simple first-order difference equation
 |
(1)
|
where
and
are the price-demand and price-supply curves, where 
and 
represent the slope and 
-intercept, respectively, for the demand curve, and 
and 
represent the corresponding constants for the supply curve (Ezekiel 1938, Goldberg 1986).
A class of behaviors related to this equation is known as "Cobweb phenomena" in economics.
REFERENCES:
Ezekiel, M. "The Cobweb Theorem." Quart. J. Econ. 52, 255-280, 1938.
Goldberg, S. Introduction to Difference Equations, with Illustrative Examples from Economics, Psychology, and Sociology. New York: Dover, 1986.
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