Cobweb versus rational expectations models

Zarkin, G. A. (1983). Cobweb versus rational expectations models. Economics Letters, 13(1), 87-95. https://doi.org/10.1016/0165-1765(83)90017-4

Abstract

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.

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