dc.contributor.author | Wright, Christopher S. | en |
dc.contributor.author | Eves, Alfred C. | en |
dc.contributor.author | Jefferies, Rodney L. | en |
dc.date.accessioned | 2009-10-30T01:53:58Z | |
dc.date.issued | 2008-01 | en |
dc.identifier.citation | Wright, C. S., Eves, C. & Jefferies, R. L. (2008). Bubble geometry and chaotic pricing behaviour. In Proceedings of the 14th annual conference of the Pacific Rim Real Estate Society, Kuala Lumpur, Malaysia, 20-23 January 2008. | en |
dc.identifier.uri | https://hdl.handle.net/10182/1262 | |
dc.description.abstract | This paper is a deductive theoretical enquiry into the flow of effects from the geometry of price bubbles/busts, to price indices, to pricing behaviours of sellers and buyers, and back to price bubbles/busts. The intent of the analysis is to suggest analytical approaches to identify the presence, maturity, and/or sustainability of a price bubble. We present a pricing model to emulate market behaviour, including numeric examples and charts of the interaction of supply and demand. The model extends into dynamic market solutions myopic (single- and multi-period) backward looking rational expectations to demonstrate how buyers and sellers interact to affect supply and demand and to show how capital gain expectations can be a destabilising influence – i.e. the lagged effects of past price gains can drive the market price away from long-run market-worth. Investing based on the outputs of past price-based valuation models appear to be more of a game-of-chance than a sound investment strategy. | en |
dc.format.extent | 1-15 | en |
dc.language.iso | en | en |
dc.publisher | Pacific Rim Real Estate Society. | en |
dc.relation | The original publication is available from - Pacific Rim Real Estate Society. - http://www.prres.net/proceedings.htm | en |
dc.source | Proceedings from the Pacific Rim Real Estate Society (PRRES) Conference 2008 | en |
dc.subject | Fisher | en |
dc.subject | market behaviour | en |
dc.subject | market equilibrium | en |
dc.subject | market worth | en |
dc.subject | price | en |
dc.subject | price-bubble | en |
dc.subject | rational expectations | en |
dc.subject | value-estimate | en |
dc.title | Bubble geometry and chaotic pricing behaviour | en |
dc.type | Conference Contribution - Published | |
dc.subject.marsden | Fields of Research::350000 Commerce, Management, Tourism and Services::350300 Banking, Finance and Investment | en |
lu.contributor.unit | Lincoln University | en |
lu.contributor.unit | Faculty of Agribusiness and Commerce | en |
lu.contributor.unit | Department of Financial and Business Systems | en |
lu.contributor.unit | Department of Land Management and Systems | en |
pubs.finish-date | 2008-01-23 | en |
pubs.organisational-group | /LU | |
pubs.organisational-group | /LU/Faculty of Agribusiness and Commerce | |
pubs.organisational-group | /LU/Faculty of Agribusiness and Commerce/FABS | |
pubs.organisational-group | /LU/Faculty of Agribusiness and Commerce/LAMS | |
pubs.publication-status | Published | en |
pubs.publisher-url | http://www.prres.net/proceedings.htm | en |
pubs.start-date | 2008-01-20 | en |
lu.subtype | Conference Paper | en |