The Optimality of a Competitive Stock Market (Classic Reprint) - Rilegato

Merton, Robert C.

Rilegato

ISBN 10: 0666302073 ISBN 13: 9780666302076

Casa editrice: Forgotten Books, 2018

Riassunto

Excerpt from The Optimality of a Competitive Stock Market

Aid from the National Science Foundation is gratefully acknowledged.

Our paper focuses on the issue of whether a competitive equilibrium in the mean-variance model is a pareto optimum or not, and its principal conclusion is that it is. The reason that our conclusion differs from the previous analyses is not due to a technical mistake, but rather to differences in interpretation of what the competitive mar ket assumptions are: specifically, we assume that in a competitive market, entry into that market is free. All three of the aforementioned papers restrict entry.

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Dettagli dell'edizione

• Editore: Forgotten Books
• Data di pubblicazione: 2018
• Lingua: Inglese
• ISBN 10: 0666302073
• ISBN 13: 9780666302076
• Rilegatura: Copertina rigida
• Numero di pagine: 52
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