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The Egg Cycle and the Ability of Recursive Models to Explain It

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  • David G. Hartman

Abstract

The often-discussed instability of the price of eggs is examined by use of spectral analysis, and the existence of an egg cycle is confirmed. In explaining the cycle, the familiar cobweb model is shown to be inferior to an alternative model. The alternative model, proposed by Nerlove, has producers planning changes in their production levels in response to prices, with the changes being realized only after a lag. Economic justifications are given for such producer behavior to continue, even though it causes instability. Recent destabilizing influences, not related to the cycle, are also discussed.

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  • David G. Hartman, 1974. "The Egg Cycle and the Ability of Recursive Models to Explain It," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(2), pages 254-262.
    • Handle: RePEc:oup:ajagec:v:56:y:1974:i:2:p:254-262.
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    File URL: http://hdl.handle.net/10.2307/1238753
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    Cited by:

    1. McClelland, John W. & Wetzstein, Michael E. & Noles, Richard K., 1987. "Optimal Replacement Policies for Recyclable Assets," 1987 Annual Meeting, August 2-5, East Lansing, Michigan 270113, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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