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Synopsis
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.
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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.
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About the Author
Robert C. Merton is George Fisher Baker, Professor of Business Administration, Harvard University.
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- PublisherForgotten Books
- Publication date2024
- ISBN 10 1334297924
- ISBN 13 9781334297922
- BindingPaperback
- LanguageEnglish
- Number of pages53
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The Optimality of a Competitive Stock Market (Classic Reprint)
Print on DemandSeller: Forgotten Books, London, United Kingdom
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Paperback. Condition: New. Print on Demand. This book explores the concept of a company stock market allocating its investments in a way that best benefits society. It delves into discussions on competitive stock markets, firm decisions on investment, and Pareto optimality. The author offers a nuanced look at the topic, providing historical context and insights into the broader implications of investment choices in a competitive market environment. The text examines the relationship between maximizing societal wealth and maximizing market value within firms and argues that conventional assumptions often lead to inefficient investment strategies. In contrast, the author demonstrates that free entry of new firms into a market can lead to Pareto optimality, thereby ensuring a more efficient competitive market allocation of investment. This book is a valuable contribution to the understanding of investment strategies, firm decision-making, and the influence of market structure on the allocation of investment. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book. print-on-demand item. Seller Inventory # 9781334297922_0
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The Optimality of a Competitive Stock Market Classic Reprint
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LX-9781334297922
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The Optimality of a Competitive Stock Market Classic Reprint
Seller: PBShop.store UK, Fairford, GLOS, United Kingdom
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LX-9781334297922
Quantity: 15 available