Editing Cobweb model (section)

=== Human experimental data ===
In 1989, Wellford conducted twelve experimental sessions each conducted with five participants over thirty periods simulating the stable and unstable cases. Her results show that the unstable case did not result in the divergent behavior we see with cobweb expectations but rather the participants converged toward the [[rational expectations]] equilibrium. However, the price path variance in the unstable case was greater than that in the stable case (and the difference was shown to be statistically significant).

One way of interpreting these results is to say that in the [[Long run and short run|long run]], the participants behaved as if they had rational expectations, but that in the short run they made mistakes. These mistakes caused larger fluctuations in the unstable case than in the stable case.