There have been a number of earlier "cobweb experiments" related to our work.
The next morning, she gets up very early, and finds the house dusty, full of cobwebs and badly arranged.
The cobweb model has played an important role in economic dynamics, in particular with respect to the role of expectation formation.
Section 3 briefly recalls some benchmark expectation and learning models in the cobweb framework.
The parameter tunes the nonlinearity of the supply curve and the stability of the underlying cobweb model.
For example, the convergence of moving-average schemes is smooth without fluctuations, least-squares and cobweb expectations diverge away for the cobweb-unstable case.
The second section describes applications of the genetic algorithm to the cobweb model, which has a unique rational-expectations equilibrium.
In our cobweb experiments, subjects have to predict the next period's price of a certain unspecified good.