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Speculative Investor Behavior in a Stock Market with Heterogeneous Expectations

J. Michael Harrison and David Kreps

The Quarterly Journal of Economics, 1978, vol. 92, issue 2, 323-336

Abstract: I. Introduction, 323.—II. Formulation, 325.—III. An example, 326.—IV. Consistent price schemes, 328.—V. Back to the example, 332.—VI. Relaxing the assumptions, 333.—VII. Concluding remarks, 334.

Date: 1978
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The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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