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dc.contributor.authorWright, Christopher S.en
dc.contributor.authorEves, Alfred C.en
dc.contributor.authorJefferies, Rodney L.en
dc.date.accessioned2009-10-30T01:53:58Z
dc.date.issued2008-01en
dc.identifier.citationWright, 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.urihttps://hdl.handle.net/10182/1262
dc.description.abstractThis 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.extent1-15en
dc.language.isoenen
dc.publisherPacific Rim Real Estate Society.en
dc.relationThe original publication is available from - Pacific Rim Real Estate Society. - http://www.prres.net/proceedings.htmen
dc.sourceProceedings from the Pacific Rim Real Estate Society (PRRES) Conference 2008en
dc.subjectFisheren
dc.subjectmarket behaviouren
dc.subjectmarket equilibriumen
dc.subjectmarket worthen
dc.subjectpriceen
dc.subjectprice-bubbleen
dc.subjectrational expectationsen
dc.subjectvalue-estimateen
dc.titleBubble geometry and chaotic pricing behaviouren
dc.typeConference Contribution - Published
dc.subject.marsdenFields of Research::350000 Commerce, Management, Tourism and Services::350300 Banking, Finance and Investmenten
lu.contributor.unitLincoln Universityen
lu.contributor.unitFaculty of Agribusiness and Commerceen
lu.contributor.unitDepartment of Financial and Business Systemsen
lu.contributor.unitDepartment of Land Management and Systemsen
pubs.finish-date2008-01-23en
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-statusPublisheden
pubs.publisher-urlhttp://www.prres.net/proceedings.htmen
pubs.start-date2008-01-20en
lu.subtypeConference Paperen


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