Learning in a double-phase cobweb model

Abstract In this paper, we study a class of markets, among which can mention agricultural and energy characterized by seasonality, i.e., in demand and/or supply conditions cyclically alternate with precise known periodicity. We propose new theoretical framework based on cobweb model adaptive expectations, accordingly modified to be consistent market’s seasonality. The model, consisting second-order non-autonomous difference equation, is investigated the aim understanding how periodical nature market together agents’ expectation formation mechanism affects resulting dynamics. analytically prove emergence dynamical scenarios that are missing classic for non-seasonal such as quasi-periodic dynamics an ambiguous role stability weight. Finally, discuss their economic rationale help numerical simulations. peculiar framework, learning plays key explain properties observables.