Decisions and optimality in competitive stock ownership economies.
Reexamination of the decision theoretic structure of a Diamond-Dreze stock market economy reveals that general lack of optimal equilibrium allocations is an informational problem. Prices of firms' shares and observed production convey information sufficient for weak form market efficiency, but is i...
| Publicado en: | International Economic Review Vol. 36; pp. 53 - 75 |
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| Formato: | Artículo |
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Wiley-Blackwell
February 1995
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512576252&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512576252 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00206598 IER jtl: International Economic Review issn: 00206598 maglogo: N pubinfo: dt: February 1995 vid: 36 pid: 480 pub: Wiley-Blackwell artinfo: ui: 512576252 10.2307/2527427 ppf: 53 ppct: 22 formats: tig: atl: Decisions and optimality in competitive stock ownership economies. aug: au: Suchanek, Gerry L. su: Resource allocation -- Mathematical models Marginal utility Mathematical models Stock ownership Economic decision making Welfare economics Mathematical models of economics Production functions (Economic theory) sug: subj: Resource allocation -- Mathematical models Marginal utility Mathematical models Stock ownership Economic decision making Welfare economics Mathematical models of economics Production functions (Economic theory) ab: Reexamination of the decision theoretic structure of a Diamond-Dreze stock market economy reveals that general lack of optimal equilibrium allocations is an informational problem. Prices of firms' shares and observed production convey information sufficient for weak form market efficiency, but is inadequate for investors to select socially optimal portfolios which constitute strong form market efficiency. Revising the optimality concept to accommodate information constraints yields a notion of information constrained Pareto optimality. This concept reflects general application of the principle of semistrong form market efficiency. Our approach subsumes the Bayesian approach. Reprinted by permission of the publisher. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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