The law of value and laws of statistics: sectoral values and prices in the US economy, 1977-97
研究发现，在控制行业规模导致的虚假相关后，相对价值对相对价格没有可靠影响，价格-价值偏差小源于数据离散度低而非价值对价格的影响。
This study replicates findings that sectoral prices and values are highly correlated cross-sectionally, and that deviations between them are small. Yet after controlling for variations in industry size that produce 'spurious correlation', I find no reliable evidence that relative values have any influence upon relative prices. The smallness of price--value deviations thus does not result from such an influence; it is shown instead to result from a lack of dispersion in the data. Values turn out to be no better predictors of prices than any other random variable with the same probability distribution. Copyright 2002, Oxford University Press.