✦ LIBER ✦

Buyers' and sellers' markets: A simple rational expectations search model of the housing market

✍ Scribed by Thomas S. Zorn; William H. Sackley

Publisher: Springer US
Year: 1991
Tongue: English
Weight: 617 KB
Volume: 4
Category: Article
ISSN: 0895-5638
DOI: 10.1007/bf00161932

No coin nor oath required. For personal study only.

✦ Synopsis

The terms buyers "market and sellers' market are commonly used in contexts that most economists would characterize as excess supply and excess demand. It is puzzling, however, that in many instances the press and general public are all aware that it is a buyers' or sellers' market. Are these markets really that inefficient? We offer definitions of buyers' and sellers' markets that are consistent with a full rational expectations equilibrium in a simple general equilibrium search model of a heterogeneous durable goods market.

📜 SIMILAR VOLUMES

Quasi-rational and ex ante price expecta

Quasi-rational and ex ante price expectations in commodity supply models: an empirical analysis of the US broiler market

✍ Matthew T. Holt; Andrew M. McKenzie 📂 Article 📅 2003 🏛 John Wiley and Sons 🌐 English ⚖ 240 KB

## Abstract A statistically optimal inference about agents' __ex ante__ price expectations within the US broiler market is derived using futures prices of related commodities along with a quasi‐rational forecasting regression equation. The modelling approach, which builds on a Hamilton‐type framewo