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Costly information and the stock market

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  • John Bryant

Abstract

In a simple, coherent, general equilibrium model it is demonstrated why stock market prices do not reflect costly but socially useless information.

Suggested Citation

  • John Bryant, 1980. "Costly information and the stock market," Staff Report 53, Federal Reserve Bank of Minneapolis.
    • Handle: RePEc:fip:fedmsr:53
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    References listed on IDEAS

    as
    1. Grossman, Sanford, 1978. "Further results on the informational efficiency of competitive stock markets," Journal of Economic Theory, Elsevier, vol. 18(1), pages 81-101, June.
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