Price behavior under alternative forms of price expectations.
Expert InsightsPublished 1963
An analysis of the components of the variance of price. In the models considered, a price process is assumed to be evolving through time. It is composed of fluctuations of different lengths of time. The relative importance of these fluctuations in shaping the overall process may show how well a particular model leads to the price behavior commonly observed. Attention is restricted to situations wherein temporary shifts in economic phenomena are dominant over permanent changes in the economic structure. It is concluded that the form price expectations take must be partly associated with the sorts of uncertainty that producers are willing to live with.
Document Details
- Copyright: RAND Corporation
- Availability: Web Only
- Year: 1963
- DOI: https://doi.org/10.7249/pubs
- Document Number: P-2741
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