The objective of this paper is to report on the development of a new nonlinear and dynamic synthesis simulation model capable of reproducing Coase and Fowler's structural findings of the 1935-1940 paper series about the pig-cycle. The 'explanation' expounded by Coase and Fowler follows a well-integrated economic logic and an exemplary focus on economic structure that provides economic insight to foster our understanding commodity cycles. The mode was built using structural descriptions of the industry, technical parameters, assumptions and data available in the original paper series. The simulations results replicated all the findings under the alternative hypotheses ('static price expectations' and time-based price expectations) derived from Coase and Fowler's findings. Implications for information and coordination are discussed.
To directly download this paper in PDF format, click HERE.
In order to read this paper you need Adobe Acrobat.
If you don't have it - you may
go to their website and download it now for free.