Editing Cobweb model (section)

=== Livestock herds ===

The cobweb model has been interpreted as an explanation of fluctuations in various [[livestock]] markets, like those documented by Arthur Hanau in German hog markets; see [[Pork cycle]]. However, Rosen et al. (1994) proposed an alternative model which showed that because of the three-year life cycle of beef cattle, cattle populations would fluctuate over time even if ranchers had perfectly [[rational expectations]].<ref>Edward Lotterman, [http://www.twincities.com/lotterman/ci_20293708/shipping-cattle-and-some-careers-cycles-play-out "In shipping, cattle and some careers, cycles play out"], Twin Cities Pioneer Press, 4. April 2012: Real World Economics</ref>