Rational Expectations and the Measurement of a Stock's Elasticity of Demand
指出，Scholes研究大宗股票二次销售对价格的影响时只关注了交易前后的价格变化，但若交易者具有理性预期，价格可能在销售前数月甚至数年就已反映这一信息，因此需考虑更长时间的价格路径来测量需求弹性。
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.