A NONLINEAR MODEL OF INFORMATION AND COORDINATION IN HOG PRODUCTION: TESTING THE COASIAN-FOWLERIAN DYNAMIC HYPOTHESES

The pig-cycle 'explanation' expunded by Coase and Fowler followed a well-integrated economic logic and provides tremendous insight into our understanding of commodity cycles. The paper presents a simulation model that replicates all of Coase and Fowler's results and tests its robustness with an application to U.S. hog production.