Advertisement

Competitive Equilibrium of the Stock Exchange and Pareto Efficiency

  • Louis Gevers
Part of the International Economic Association Series book series (IEA)

Abstract

The simplest model of a productive economy is based on the following assumptions: agents live only for one period, they take input and output prices as given, and production involves no risks.

Keywords

Stock Exchange Production Plan Optimum Investment Competitive Equilibrium Asset Market 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Notes

  1. [1]
    K. J. Arrow, ‘Political and Economic Evaluation of Social Effects and Externalities’, pp. 1–23 in J. Margolis (ed.), The Analysis of Public Output (NBER, New York: Columbia University Press, 1970).Google Scholar
  2. [2]
    K. J. Arrow and F. H. Hahn, General Competitive Analysis (San Francisco: Holden-Day, 1971).Google Scholar
  3. [3]
    D. Black, The Theory of Committees and Elections (Cambridge: Cambridge University Press, 1958).Google Scholar
  4. [4]
    K. Borch, ‘General Equilibrium in the Economics of Uncertainty’, pp. 247–58 in K. Borch and J. Mossin (eds.), Risk and Uncertainty (London: Macmillan, 1968).CrossRefGoogle Scholar
  5. [5]
    P. A. Diamond, ‘The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty’, American Economic Review vol. LVII (1967), pp. 759–76.Google Scholar
  6. [6]
    J. H. Drèze, ‘A Tâtonnement Process for Investment under Uncertainty in Private Ownership Economies’, pp. 3–23 in Mathematical Methods in Investment and Finance ed. by G. P. Szegö and K. Shell (Amsterdam: North-Holland, 1972).Google Scholar
  7. [7]
    J. H. Drèze, ‘Investment Under Private Ownership: Optimality, Equilibrium and Stability’, chapter 9 supra.Google Scholar
  8. [8]
    K. Hamada, ‘A Simple Majority Rule on the Distribution of Income’, Journal of Economic Theory vol. VI (1973), pp. 273–64.Google Scholar
  9. [9]
    C. R. Plott, ‘A Notion of Equilibrium and its Possibility under Majority Rule’, American Economic Review vol. LVII (1967), pp. 787–806.Google Scholar
  10. [10]
    D. Sondermann, ‘Temporary Competitive Equilibrium Under Uncertainty’, chapter 13 infra.Google Scholar
  11. [11]
    J. E. Stiglitz, ‘On the Optimality of the Stock Market Allocation of Investment’, The Quarterly Journal of Economics vol. LXXXVI (1972), pp. 25–60.CrossRefGoogle Scholar
  12. [12]
    O. Williamson, The Economics of Discretionary Behavior: Managerial Objectives in a Theory of the Firm (Englewood Cliffs: Prentice Hall, 1964).Google Scholar

Copyright information

© International Economic Association 1974

Authors and Affiliations

  • Louis Gevers
    • 1
  1. 1.CoreLouvainBelgium

Personalised recommendations