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

Sinopsis

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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