A Revised Test of the Law of One Price Using Rational Price Expectations
针对一价定律忽略时间因素的缺陷，提出基于理性价格预期的修正版本，并利用计量和非参数方法检验美国农产品国际市场，结果支持理性预期视角的一价定律。
Abstract The law of one price (LOP) is an important ingredient in theories of international trade. Typical analyses of the LOP assume that parity should hold contemporaneously. This assumption overlooks temporal elements of trade. Recognizing this fact, we expect parity to hold for expected prices. Two empirical procedures are utilized to consider the LOP in international markets for U.S. agricultural commodities. The first utilizes econometric procedures to test an expectations augmented version of the LOP. A second approach uses nonparametric procedures to provide an alternative consideration of expectations. In each case, results provide support for a rational expectations view of the LOP.