Miller, Ross M. and Plott, Charles R. and Smith, Vernon L. (1977) Intertemporal Competitive Equilibrium: An Empirical Study of Speculation. Quarterly Journal of Economics, 91 (4). pp. 599-624. ISSN 0033-5533. https://resolver.caltech.edu/CaltechAUTHORS:20131219-113416069
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Abstract
In his prologue to the theory of speculation, Samuelson (1966a, p. 947 and passim) deals exclusively with the case of "foreseen changes in future supply and demand" in outlining a theory of intertemporal competitive price-quantity equilibria in markets that are subject to speculation. The analysis was considered to be a preliminary step to the more complicated cases involving uncertainty. Modern extensions of the theory (Mandelbrot, 1971; Samuelson, 1972; Schimmler, 1973) to include uncertainty have been accompanied by such vestiges of this original "perfect knowledge" model (e.g., common, well-defined expectations) as demanded, perhaps by the limitations of mathematical machinery and imagination for restructuring the theory.
| Item Type: | Article | ||||||
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| Additional Information: | © 1977 by the President and Fellows of Harvard College. Published by John Wiley & Sons, Inc. | ||||||
| Group: | Social Science Working Papers | ||||||
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| Issue or Number: | 4 | ||||||
| Record Number: | CaltechAUTHORS:20131219-113416069 | ||||||
| Persistent URL: | https://resolver.caltech.edu/CaltechAUTHORS:20131219-113416069 | ||||||
| Official Citation: | Intertemporal Competitive Equilibrium: An Empirical Study of Speculation Ross M. Miller, Charles R. Plott and Vernon L. Smith The Quarterly Journal of Economics , Vol. 91, No. 4 (Nov., 1977) , pp. 599-624 Published by: Oxford University Press Article Stable URL: http://www.jstor.org/stable/1885884 | ||||||
| Usage Policy: | No commercial reproduction, distribution, display or performance rights in this work are provided. | ||||||
| ID Code: | 43097 | ||||||
| Collection: | CaltechAUTHORS | ||||||
| Deposited By: | INVALID USER | ||||||
| Deposited On: | 20 Dec 2013 15:53 | ||||||
| Last Modified: | 03 Oct 2019 06:04 |
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