Impacts on Stability of Interdependencies Between Markets in a Cobweb Model

Emma Jonson (), Liv Lundberg () and Kristian Lindgren ()
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Emma Jonson: Chalmers University of Technology
Liv Lundberg: Chalmers University of Technology
Kristian Lindgren: Chalmers University of Technology

A chapter in Advances in Artificial Economics, 2015, pp 195-205 from Springer

Abstract: 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.

Keywords: Supply Side; Demand Side; Agent Base Model; Crop Type; Extensive Production (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:lnechp:978-3-319-09578-3_16

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DOI: 10.1007/978-3-319-09578-3_16

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