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Knowledge, Belief and the Economic System

Kenneth Arrow

WIFO Monatsberichte (monthly reports), 2013, vol. 86, issue 12, 943-951

Abstract: Prices, according to one of the fundamental economic assumptions, contain all the information needed by market participants to make decisions. But this hypothesis does not withstand a reality check – a lot of very necessary information is not passed on in the price system. The prices of stocks immediately before the crash of a stock market bubble say very little about their true worth. For a perfect market system mar-kets for all products and for all points in time are needed. These markets do not always exist and some-times cannot exist – for example markets for products not yet in existence.

Keywords: Arrow; Nobelpreisträger (search for similar items in EconPapers)
Date: 2013
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