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

✍ Scribed by Jean-Paul Chavas

Publisher: Elsevier Science
Year: 2000
Tongue: English
Weight: 581 KB
Volume: 24
Category: Article
ISSN: 0165-1889
DOI: 10.1016/s0165-1889(99)00027-5

No coin nor oath required. For personal study only.

✦ Synopsis

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 signi"cant biological lags in the production process. Beef price equations are estimated under di!erent expectation regimes. The empirical results indicate the presence of heterogeneous price expectations, with a signi"cant number of market participants neglecting information about the existence of a beef cycle.

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