It takes time to produce commodities, and different production technologies may take different lengths of time. Suppose that firms may switch between different production technologies that take different lengths of time. A natural implication of such a scenario is that not all firms would then offer their commodities in every period, i.e. firms’ total supply schedule would become a time-varying quantity. Based on a behavioral cobweb framework, we analytically demonstrate that commodity markets become unstable when firms switch too rapidly between production technologies that take different lengths of time. In particular, we observe that supply distortions lead to endogenous commodity price dynamics due to a mismatch between supply and demand.

生产商品需要时间，不同的生产技术可能需要不同的时间长度。假设公司可能在不同的生产技术之间切换，需要不同的时间长度。这种情况的一个自然含义是，并非所有公司都会在每个时期提供他们的商品，即公司的总供应计划将成为一个随时间变化的数量。基于行为蛛网框架，我们分析证明，当公司在需要不同时间长度的生产技术之间切换过快时，商品市场会变得不稳定。特别是，我们观察到由于供需不匹配，供应扭曲会导致内生商品价格动态。