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Keywords: rational expectations
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Journal Articles
Modelling Timber Price Forecasts and Stumpage Market Expectations in Finland 1900-1995
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Journal:
Journal of Forest Economics
Journal of Forest Economics (2000) 6 (2): 131–149.
Published: 31 July 2000
... consistent with the rational expectations hypothesis. The empirical results show that real price expectations are not formed optimally and informational efficiency is not obtained. Orthogonality conditions are violated and ex-post real price changes can be explained by real price forecast errors. The results...
