Generic Inefficiency of Stock Market Equilibrium When Markets Are Incomplete
John Geanakoplos (),
Martine Quinzii () and
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John Geanakoplos: Cowles Foundation, Yale University, http://economics.yale.edu/people/john-geanakoplos
No 863, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University
A stock market is a mechanism by which the ownership and control of firms is determined through the trading of securities. It is on this market that many of the major risks faced by society are shared through the exchange of securities and the production decisions that influence the present and future supply of resources are determined. If the overall structure of markets is incomplete can the stock market be expected to perform its role of exchanging risks and allocating investment efficiently? It is this question that we seek to answer.
Keywords: Securities; stock market; market efficiency (search for similar items in EconPapers)
Note: CFP 751.
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Published in Journal of Mathematical Economics (1990), 19: 113-151
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Journal Article: Generic inefficiency of stock market equilibrium when markets are incomplete (1990)
Working Paper: Generic inefficiency of stock market equilibrium when markets are incomplete (1990)
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