haku: @author Nishimura, K. / yhteensä: 11
viite: 5 / 11
| Tekijä: | Nishimura, K. |
| Otsikko: | Expectations heterogeneity and excessive price sensitivity in the land market |
| Lehti: | Japanese Economic Review
1999 : MAR, VOL. 50:1, p. 26-43 |
| Asiasana: | ECONOMICS JAPAN PRICES |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes price behavior in the land market in which the Walrasian auctioneer is absent. Sellers are informed about the land value and post their asking prices; buyers are uninformed, have different opinions, and decide whether or not to accept the sellers' offers. In this market, sellers are "price-makers" with probabilistic market power: they can influence the sale probability through their asking price. Price may be excessively sensitive to unexpected changes in market conditions. |
SCIMA