Expectations heterogeneity and excessive price sensitivity in the land market

Japanese Economic Review

Volumn 50, Issue 1, 1999, Pages 26-43

  Nishimura, Kiyohiko G ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC THEORY; LAND MARKET; PRICE DYNAMICS;

JAPAN;

EID: 0032916958     PISSN: 13524739     EISSN: None     Source Type: Journal    
DOI: 10.1111/1468-5876.00101     Document Type: Article

References (18)

1. Aoki, M. (1996) Hierarchical State Spaces, Evolutionary Dynamics and Mean Field Approximations: New Approaches to Macroeconomic Modeling, Cambridge: Cambridge University Press.
2. Case, K., and R. Shiller (1989) "The Efficiency of the Market for Single-Family Homes", American Economic Review, Vol. 79, pp. 125-37.
3. Garber, P. M. (1989) "Tulipmania", Journal of Political Economy, Vol. 97, pp. 535-60.
4. Flood, R., and R. Hodrick (1990) "On Testing for Speculative Bubbles", Journal of Economic Perspectives, Vol. 4, pp. 85-101.
5. Ito, T. (1992) The Japanese Economy, Cambridge, Mass.: MIT Press.
6. Laffont, J.-J., and E. S. Maskin (1990) "The Efficient Market Hypothesis and Insider Trading on the Stock Market", Journal of Political Economy, Vol. 98, pp. 70-93.
7. MacDonald, R., and I. W. Marsh (1996) "Currency Forecasters are Heterogeneous: Confirmation and Consequences", Journal of International Money and Finance, Vol. 15, pp. 665-85.
8. Madrial, V, and J. A. Scheinkman (1997) "Price Crashes, Information Aggregation, and Market Making", Journal of Economic Theory, Vol. 75, pp. 16-63.
9. Nishimura, K. G. (1992) Imperfect Competition, Differential Information, and Microeconomic Foundations of Macroeconomics, Oxford: Oxford University Press.
10. _ (1995) Nihon no chika no Kimarikata (How Is the Price of Land Determined in Japan?), Tokyo: Chikuma-Shobo.
11. _ (1998) "Expectation Heterogeneity and Price Sensitivity", European Economic Review, Vol. 42, pp. 619-29.
12. _ and S. Sasaki (1995) "Nihon no Tochi no Chouka Shuekiritsu: Shougyouchi, Jutakuchi, Nouchi" (The Excess Returns on Land in Japan: Farmland, Residential Land, and Commercial Land), Keizaigaku Ronshu (Journal of Economics), Vol. 60, pp. 124-35.
13. _ T. Watanabe and K. Iwatsubo (1999a) "Effects of the Developments of Knowledge-based Economy on Asset Price Movements: Theory and Evidence in the Japanese Stock Market", in K. Okina (ed.), Monetary Policy in a World of Knowledge-based Growth, Quality Change, and Uncertain Environment, Basingstoke: Macmillan, forthcoming.
14. _ and _ (1999b) "Chika no Kajo Hanno: Nihon no Baai" (Excessive Sensitivity of Japanese Land Prices), Jutaku Tochi Keizai (Quarterly Journal of Housing and Land Economics), forthcoming.
15. O'Hara, M. (1995) Market Microstructure Theory, Oxford: Blackwell.
16. Rubinstein, A. (1982) "Perfect Equilibrium in a Bargaining Model", Econometrica, Vol. 52, pp. 1351-64.
17. Varian, H. R. (1989) "Differences of Opinion in Financial Markets", in C. C. Stone (ed.), Financial Risk: Theory, Evidence and Implications, Proceedings of the Eleventh Annual Economic Policy Conference of the Federal Reserve Bank of St Louis. Boston: Kluwer, pp. 3-37.
18. Wilde, L. L. (1977) "Labor Market Equilibrium under Nonsequential Search", Journal of Economic Theory, Vol. 16, pp. 373-93.