On information and market dynamics: The case of the U. S. beef market

DOI10.1016/S0165-1889(99)00027-5MaRDI QIDQ1978592zbMATH OpenOpenAlexFDO

Authors Jean-Paul Chavas

Publication date 4 June 2000

Published in Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/s0165-1889(99)00027-5

zbMATH Keywords

market dynamicsmarket fluctuationsprice expectations

Mathematics Subject Classification ID

Microeconomic theory (price theory and economic markets) (91B24) Auctions, bargaining, bidding and selling, and other market models (91B26)

Review text

The paper investigates the nature of dynamic prices and expectations in a competitive market. The approach is applied to the U.S. beef market, which exhibits cyclical patterns and significant biological lags in the production process. Beef price equations are estimated under different expectation regimes. The empirical results indicate the presence of heterogeneous price expectations, with a significant number of market participants neglecting information about the existence of a beef cycle.

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Cites work

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