Speculation and Equilibrium: Information, Risk, and Markets

J. Hirshleifer

The Quarterly Journal of Economics, 1975, vol. 89, issue 4, 519-542

Abstract: I. Price risk versus quantity risk, 520. — II. Noninformative equilibrium: simple consumptive gamble, 525. — III. Informative equilibrium: prior-trading optimum and compound consumptive gamble, 529. — IV. Conclusion: determinants of speculative-hedging behavior, 538. — V. Limitations and generalizations, 540.

Date: 1975
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