Efficiency of the Market for Residential Real Estate
研究住宅房地产市场的效率，指出Hamilton和Schwab关于市场预期偏差的结论仅适用于特定时期，不能推广到其他时期，因此不足以证明市场非有效。
efficiency of securities markets, research addressing the efficiency of the real estate market is limited. The perception is widely held that such markets may not be efficient.' In a recent empirical study using some of the same data employed in our analysis, Hamilton and Schwab (1985) conclude that expected appreciation rates in residential real estate markets are systematically biased by the failure of market participants to incorporate past appreciation rates into their expectations. Their analysis, however, is exclusively based on the 1974-1976 period to project appreciation rates for the 1976-1979 period. As we demonstrate below, their analysis, though it implies systematic estimation errors ex post for the time period they study, does not generalize to other periods. Thus, their finding is not a sufficient basis for concluding that the market is not efficient ex ante.