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WorkingPaperInasimplecobmodel,weassumethereisTheHogCycleandtheCobTheoremNowshirvani,Vahidpp–CitethischapterPartofthebook series:TheNewPalgrave((NPA))Accesses.ArthurA.Harlow•Institutions(1)AmericanJournalofAgriculturalEconomics(OxfordUniversityPress)Vol,Iss, CobTheoremAbstractThecobtheoremisoftenmentionedasatheoreticaltoolforexplainingthehogcycle,althoughatwoyearcycleisusuallypredictedThe classicalcobtheoremisextendedtoincludeproductionlagsandpriceforecastsThecobCobtheoryistheideathatpricefluctuationscanleadtofluctuationsin supplywhichcauseacycleofrisingandfallingpricesCobtheorywasfirstdevelopedunderstaticpriceexpectationswherethepredictedpriceequalledactuallast periodLongerproductionlagsdonotnecessarilyleadtounstableprices;verylonglagsleadtocyclesofcon-stantamplitudeThecobmodelwithadaptive expectationsisgivenbythefollowingfourequations:(1)(2)(3)(4)d D(pt),S(ñt),(Demand)(Supply)(TemporaryEquilibrium)1,(AdaptiveExpectations)I Aswewillseebelow,onecannotanalyzetheexactmodelbyapproximationwiththequadraticmodelPriceforecastingbasedonalongerperiodhasastabilizing effectonprices.Chapter.DownloadbookPDF.B.PeterPashigian.Whenthenatureofthehogindustryisexamined,certainfactorsbecomeapparentwhich enablethecobtheoremtoserveasatheoreticalbasisforthepresentfouryearcyclecobtheorem:[noun]atheoremineconomics:insomecasessuccessive adjustmentsofsupplyanddemandamplifyratherthandiminishpricefluctuationsABSTRACTThecobmodelwithadaptiveexpectationsisgivenbythefollowing fourequations:(1)(2)(3)(4)d D(pt),S(ñt),(Demand)(Supply)(TemporaryEquilibrium)1,(AdaptiveTheCobPhenomenoninSubsistenceAgriculture:A TheoreticalAnalysisTheCobPhenomenoninSubsistenceAgriculture:Amechanismonstabilityequilibrium