The Optimality of a Competitive Stock Market (Classic Reprint) - Hardcover

Merton, Robert C.

9780666302076: The Optimality of a Competitive Stock Market (Classic Reprint)

Hardcover

ISBN 10: 0666302073 ISBN 13: 9780666302076

Publisher: Forgotten Books, 2018

View all copies of this ISBN edition

0 Used

2 New

From � 21.65

Excerpt from The Optimality of a Competitive Stock Market

Aid from the National Science Foundation is gratefully acknowledged.

Our paper focuses on the issue of whether a competitive equilibrium in the mean-variance model is a pareto optimum or not, and its principal conclusion is that it is. The reason that our conclusion differs from the previous analyses is not due to a technical mistake, but rather to differences in interpretation of what the competitive mar ket assumptions are: specifically, we assume that in a competitive market, entry into that market is free. All three of the aforementioned papers restrict entry.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

"synopsis" may belong to another edition of this title.