Original Research
Micro-level tests for rational expectations in South Africa
South African Journal of Business Management | Vol 28, No 1 | a785 |
DOI: https://doi.org/10.4102/sajbm.v28i1.785
| © 2018 D. J. Marais, E. V.D.M. Smit, W. J. Conradie
| This work is licensed under CC Attribution 4.0
Submitted: 15 October 2018 | Published: 31 March 1997
Submitted: 15 October 2018 | Published: 31 March 1997
About the author(s)
D. J. Marais, Graduate School of Business, University of Stellenbosch, South AfricaE. V.D.M. Smit, Graduate School of Business, University of Stellenbosch, South Africa
W. J. Conradie, Department of Statistics, University of Stellenbosch, South Africa
Full Text:
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The article investigates entrepreneurial expectations formation along the lines of the rational expectations hypothesis. It utilizes micro-level business survey data from the Bureau for Economic Research and distinguishes between phases of the business cycle, consumer and capital goods industries and various degrees of sectoral economic concentration. Very little evidence of weak form rationality is present in the data which concurs with similar international evaluations.
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