Arbeitspapier
Production delays, supply distortions and endogenous price dynamics
It takes time to produce commodities, and different production technologies may take different lengths of time. Suppose that firms may switch between different production technologies that take different lengths of time. A natural implication of such a scenario is that not all firms would then offer their commodities in every period, i.e. firms' total supply schedule would become a time-varying quantity. Based on a behavioral cobweb framework, we analytically demonstrate that commodity markets become unstable when firms switch too rapidly between production technologies that take different lengths of time. In particular, we observe that supply distortions lead to endogenous commodity price dynamics due to a mismatch between supply and demand.
- ISBN
-
978-3-949224-03-4
- Sprache
-
Englisch
- Erschienen in
-
Series: BERG Working Paper Series ; No. 182
- Klassifikation
-
Wirtschaft
Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
Business Fluctuations; Cycles
Agriculture: Aggregate Supply and Demand Analysis; Prices
- Thema
-
Cobweb models
production delays
endogenous price dynamics
bounded rationality and learning
nonlinear maps
stability and bifurcation analysis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Dieci, Roberto
Mignot, Sarah
Schmitt, Noemi
Westerhoff, Frank H.
- Ereignis
-
Veröffentlichung
- (wer)
-
Bamberg University, Bamberg Economic Research Group (BERG)
- (wo)
-
Bamberg
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Dieci, Roberto
- Mignot, Sarah
- Schmitt, Noemi
- Westerhoff, Frank H.
- Bamberg University, Bamberg Economic Research Group (BERG)
Entstanden
- 2022
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