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Date: 29-8-2021
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Date: 16-2-2016
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Date: 23-11-2021
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The simple first-order difference equation
(1) |
where
(2) |
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(3) |
and
(4) |
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(5) |
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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