The law of value and laws of statistics: sectoral values and prices in the US economy, 1977--97
This study replicates findings that sectoral prices and values are highly correlated cross-sectionally, and that deviations between them are small. Yet after controlling for variations in industry size that produce 'spurious correlation', I find no reliable evidence that relative values have any influence upon relative prices. The smallness of price--value deviations thus does not result from such an influence; it is shown instead to result from a lack of dispersion in the data. Values turn out to be no better predictors of prices than any other random variable with the same probability distribution. Copyright 2002, Oxford University Press.
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Volume (Year): 26 (2002)
Issue (Month): 3 (May)
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