A Generalized Cobweb Model for an Agricultural Sector.
Technical summary rept.,
WISCONSIN UNIV MADISON MATHEMATICS RESEARCH CENTER
Pagination or Media Count:
This paper presents a recursive programming model designed to represent selected features of economic development in an agricultural sector which produces and processes part of its own food. It focuses on agricultures linkage with product markets and on the interdependence of savings, production and investment variables within the sector. Although the model is intended primarily to illustrate methodology and many important features of reality are left out especially technological change the authors have compared the model simulations with observed data as a check. The model, in spite of obvious shortcomings, tracks reality fairly well, indicating that the generalized cobweb approach may be a useful first approximation for intersectoral modeling, and that the payoff from more refined models of this kind would be substantial. Author
- Economics and Cost Analysis
- Food, Food Service and Nutrition