On Dynamic Arbitrage Pricing and Information: The Case of the US Broiler Sector
AbstractThe paper investigates the nature of arbitrage price dynamics and expectations formation in the US broiler market. The analysis provides evidence of heterogeneous expectations among market participants. A significant part of broiler pricing is found to be consistent with quasi-rational expectations where future prices are anticipated on the basis of their observed historical patterns. However, most of the market is found to be associated with naive expectations, where future prices are anticipated on the basis of the last observed price. Copyright 1999 by Oxford University Press.
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Bibliographic InfoArticle provided by Foundation for the European Review of Agricultural Economics in its journal European Review of Agricultural Economics.
Volume (Year): 26 (1999)
Issue (Month): 4 (December)
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- SaangJoon Baak, 1999. "Heterogeneous Expectations, Market Dynamics, and Social Welfare," Computing in Economics and Finance 1999 222, Society for Computational Economics.
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