On information and market dynamics: The case of the U.S. beef market
نویسنده
چکیده
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. ( 2000 Elsevier Science B.V. All rights reserved.
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تاریخ انتشار 2000