Search Results for market efficiency

...Alain Marciano This article describes the intellectual trajectory James Buchanan followed from the early 1950s, when he started to work on ``spillover effects,'' to the mid-1960s, when he had completed a consistent explanation of the efficiency of market mechanisms and private arrangements...

... tools that are still used today, such as the USDA market news service. [email protected] [email protected] Copyright 2024 by Duke University Press 2024 history of economics agricultural history information market efficiency On October 1, 1927, H. G. Hester...

..., efficiency, and robustness of the market mechanism under privacy conditions in which neoclassical theory would predict market failures. These markets typically involve a small number of buyers and sellers with private knowledge of reservation values who compete through double-auction trading rules...

... about. Connecting this analytical issue with his concept of republican justice, he comes to the conclusion that a market economy characterized by unlimited competition will never lead to a socially desirable solution: such an order is neither efficient, nor natural or spontaneous and political economy...

..., of their idealized models (Nik-Khah 2008; Garcia-Parpet 2007; Breslau 2011). In the current case, however, the techniques, models, and concept of efficiency are provided by a team led by control engineers assuming the role of market designers. Because the constraints on optimi- zation in this case...

... qualities actually relate to market properties underlying the natural selection of exchange media, enhancing the microeconomic efficiency in performing monetary func- tions and the macroeconomic effectiveness of maintaining monetary sta- bility. Contrasting cartalism with metallism, as the right...

.... Overall, Say’s analysis of free trade sheds greater light on his conception of the role of government in a market economy. It illustrates under what conditions the government should intervene in order to achieve both economic efficiency and social justice. Correspondence may be addressed to Guy Numa...

... finance into the fold of economics. The idea of arbitrage went a long way in producing implications for financial markets. It also went a long way in “legitimizing” finance as a field of economics; here was the epitome of market efficiency. The subtheme is how research is done— with a focus...

... -200. Grossman, Sanford J., and Joseph E. Stiglitz. 1980 . On the Impossibility of Informationally Efficient Markets. American Economic Review 70 : 393 -408. Hahn, Frank H. 1986 . Review of Arjo Klamer, Conversations with Economists. Economics and Philosophy 2.2 : 275 -82. Hakansson...

... A. Demsetz Harold . 1972 . “Production, Information Costs, and Economic Organization.” American Economic Review 62 ( 5 ): 777 – 795 . Allen William T. 2003 . “Securities Markets as Social Products: The Pretty Efficient Capital Market Hypothesis.” In Symposium: Revisiting the Mechanisms...

... of Cowles to consider the implications of the idea, dating back at least to Louis Bachelier in 1900, that if asset markets efficiently use available information, current stock prices will be the best forecast of future stock prices. But overall Walter Friedman has written a read- able, engaging...

... of discourse—though perhaps it hardly need be said—is that statical market efficiency is neither sufficient nor necessary for market institutions to be the “preferred” mode of social 9. The distinction between social and economic welfare was lost rather quickly, as Samu- elson (1947) did...

... markets efficiently use available information, current stock prices will be the best forecast of future stock prices. But overall Walter Friedman has written a read- able, engaging, and well-researched book. Robert W. Dimand, Brock University...

... concern was the effect of different regulatory regimes solely on the rate of productivity change. Do the rules of the game affect the rate at which the industry improves effi- ciency? Productivity is increased both by transferring market share to the more efficient firms and by innovation and its...

... or a Morgan Stanley employs are no longer as certain as they once were about market efficiency and markets that self-correct. The key role of monetary policy—to the exclu- sion of government spending—in controlling both inflation and employ- ment is also a harder sell. Which brings me to a second...

..., and the Chain-Store Paradox. Journal of Economic Theory 25.1 : 92 -100. Rubinstein, Ariel. 1998 . Modeling Bounded Rationality . Cambridge: MIT Press. Rubinstein, Mark. 1975 . Security Market Efficiency in an Arrow-Debreu Economy. American Economic Review 65.5 : 812 -24. Rutherford, Malcolm...

... formed the idea of informational efficiency. His focus during this period was rather, absent any appropriate theory of prices, to identify important stylized facts in the price movements of speculative markets. A first important stylized fact crucial to Working's intellectual journey came to light...

... on whether an “efficient” outcome has been achieved. Anything that prevents a market from coming to an “efficient” outcome is a cause of market failure. This might be because of a failure to fully specify legal rights, or because of monopoly power, or because of the presence of externalities...

... beneficial” at the level of the individual (Buchanan 1952b, 601). Hence voluntary exchange could solve the prob- lem of government-provided goods while generating the political equiva- lent of Pareto efficiency in the market. Imposing a reverse chronological reading of his own work, Buchanan (2007, 5–6...

... A. . 1983 . “The Number of Traders Required to Make a Market Competitive: The Beginnings of a Theory.” CMS-EMS Discussion Paper 551 . www.kellogg.northwestern.edu/research/math/papers/551.pdf . Groves Theodore . 1979a . “Efficient Collective Choice when Compensation Is Possible.” Review...