@article{Tada:172713,
      recid = {172713},
      author = {Tada, Minoru},
      title = {Econometric analysis of expected price formation},
      journal = {Agricultural Economics: The Journal of the International  Association of Agricultural Economists},
      address = {1991-01},
      number = {968-2016-75438},
      pages = {16},
      year = {1991},
      abstract = {The current report analyses the process of producers'  expected price formation through the estimation
of supply  functions, using vegetables and green tea in Japan as an  example.
At first, theoretical analysis shows that the  factors which transform the producers' expected price  formation
from the lagged expectation to the rational  expectation are as follows: decrease in information
price,  increase in managerial ability and/or organizational  innovation, rightward shift of supply curve,
and increase  in price elasticity in supply curve.
Second, supply  functions are estimated by using the price expectation  formation which include the rational
expectation and the  lagged expectation as its extreme form.
Consequently,  producers' price expectations were found to approach the  rational expectations in the
case of Chinese cabbage,  lettuce and green tea, whose supply curves show high price  elasticities, and
whose producers' organizations gather  price information and monitor the production more than  other
crops taken in this paper.},
      url = {http://ageconsearch.umn.edu/record/172713},
      doi = {https://doi.org/10.22004/ag.econ.172713},
}