EconPapers    
Economics at your fingertips  
 

Efficient Market Theorists in the Early Nineteenth Century: The Earl of Lauderdale (1759–1839) and Yamagata Bantō (1748–1821)

Yasuo Takatsuki and Taro Hisamatsu
Additional contact information
Taro Hisamatsu: Faculty of Commerce, Doshisha University, JAPAN

No DP2022-24, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: Based on his concept that information is factored into prices in efficient markets, Eugene Fama made a significant contribution to financial economics by enabling empirical analysis of asset prices. It has been noted that the pioneering idea of informational efficiency can be found in the 1805 pamphlet of a British economist Lauderdale. Yamagata Bantō, a Japanese philosopher of the same period who is lesser known internationally, also discussed price theory, including similar idea, in his own words, unlike Lauderdale. Bantō could derive such a thought due to his academic background at Kaitokudō and his daily business in the Osaka-Dōjima rice-market.

Pages: 14 pages
Date: 2022-05
References: Add references at CitEc
Citations: Track citations by RSS feed

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kob:dpaper:dp2022-24

Access Statistics for this paper

More papers in Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University 2-1 Rokkodai, Nada, Kobe 657-8501 JAPAN. Contact information at EDIRC.
Bibliographic data for series maintained by Office of Promoting Research Collaboration, Research Institute for Economics & Business Administration, Kobe University ().

 
Page updated 2023-01-18
Handle: RePEc:kob:dpaper:dp2022-24