Rational Expectations and the Measurement of a Stock's Elasticity of Demand
指出，如果交易者具有理性预期，他们可能提前预知大宗股票出售，导致价格在出售前数月甚至数年就已反映这一信息，因此测量需求弹性需考虑更长时间的价格路径。
ABSTRACT Scholes [1] considered the effect of secondary sales of large blocks of stock on the price of the stock. However, he only looked at price changes occurring just before and just after the sale took place. It is argued here, using a simple model, that if traders have rational expectations they may anticipate the sale, and prices could reflect this possibility long before it actually occurs. To determine the full effect, it may therefore be necessary to consider the price path many months, or even years, before the sale.