Cobweb versus rational expectations models
Zarkin, G. A. (1983). Cobweb versus rational expectations models. Economics Letters, 13(1), 87-95. DOI: 10.1016/0165-1765(83)90017-4
A cobweb model of occupational choice is found to fit the data almost as well as a rational expectations model, even though there are large forecastable changes in demand. Striking differences, however, are revealed when we simulate the two models.