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Intertemporal Competitive Equilibrium: An Empirical Study of Speculation

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.

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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.

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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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Other Numbering System NameOther Numbering System ID
Social Science Working Paper87
Issue or Number:4
Record Number:CaltechAUTHORS:20131219-113416069
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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:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:43097
Deposited On:20 Dec 2013 15:53
Last Modified:03 Oct 2019 06:04

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