Price Expectations in Goods and Financial Markets

Edited by François Gardes and Georges Prat

in Books from Edward Elgar Publishing

Abstract: Analysing how price expectations are formed is essential since the dynamics of market prices are mainly driven by the agent’s belief concerning the future values of prices and by the uncertainty characterising these values. This is a difficult task as prices are highly volatile in most markets and expectational behaviour is heterogeneous and unstable. This volume discusses the concept of rationality of expectations from both a theoretical and an empirical point of view, and on individual and collective levels. Concerning the first aspect, the book focuses on how agents collect and process information and how market opinion is formed. Concerning the second aspect, the book presents studies based on individual price expectations and on the ‘consensus’ revealed by survey data. To appreciate the degree of generality of expectational behaviour, the contributors analyse price expectations in a variety of markets, periods and countries. Great attention is paid to financial markets which have represented the main field of analysis of expectations over the last ten years.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: G0 (search for similar items in EconPapers)
Date: 2000
ISBN: 9781840643220
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Citations: View citations in EconPapers (21)

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