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Generic Inefficiency of Stock Market Equilibrium When Markets Are Incomplete

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Author Info
John Geanakoplos () (Cowles Foundation, Yale University)
Michael Magill (University of Southern California)
Martine Quinzii (University of Southern California)
J. Dreze (CORE)

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Abstract

A stock market is a mechanism by which the ownership and control of firms is determined through the trading of securities. It is on this market that many of the major risks faced by society are shared through the exchange of securities and the production decisions that influence the present and future supply of resources are determined. If the overall structure of markets is incomplete can the stock market be expected to perform its role of exchanging risks and allocating investment efficiently? It is this question that we seek to answer.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 863.

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Length: 53 pages
Date of creation: Feb 1988
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Publication status: Published in Journal of Mathematical Economics (1990), 19: 113-151
Handle: RePEc:cwl:cwldpp:863

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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Securities; stock market; market efficiency;

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References listed on IDEAS
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  1. Stiglitz, Joseph E, 1982. "The Inefficiency of the Stock Market Equilibrium," Review of Economic Studies, Blackwell Publishing, vol. 49(2), pages 241-61, April. [Downloadable!] (restricted)
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