However, interwoven with ostensibly descriptive analysis, there have been many obiter dicta concerning the efficiency of market outcomes. The picture emerging from the literature is extremely confusing. Some authors take it for granted that, even in a competitive market economy, resources are extracted...
The market organism: Long-run survival in markets with heterogeneous traders The information content of prices is a central problem in the general equilibrium analysis of competitive markets. Rational expectations equilibrium identi... BD Easley - 《Journal of Economic Dynamics & Control》 被引量: 62...
通常会在论述static efficiency的时候倾向于赞美competitive market,而在论证monopolistic market也有其优点的时候就可以引入dynamic efficiency,原因很简单,垄断企业monopolies虽然在短期内不具备静态有效(生产效率和分配效率),然而其能够赚取的abnormal
Chapter 6 Consumers, Producers, and the Efficiency of Markets消费者剩余 •1 CH6 Consumers,Producers,andtheEfficiencyofMarkets Content 6.1ConsumerSurplus6.2ProducerSurplus6.3MarketEfficiency •2 •3 Dotheequilibriumpriceandquantitymaximizethetotalwelfareofbuyersandsellers?Market...
Price and quality competition under adverse selection: market organization and efficiency. Firms compete with prices and qualities in markets where consumers have heterogeneous pref-erences and cost characteristics. Consumers demand two goods, wh... Biglaiser,Gary - 《Rand Journal of Economics》 被引...
10、rket price to recover from unusually large sell or buy orders.Market orderl in essis ano ther importa nt aspect of an operati on allyefficient market which is closely related to liquidity. In an orderly market price changes are smooth and not erratic. It is again competitive market mak...
The rationality assertion of the EMH is not completely discounted by the AMH. Rather, it is the attempt by market members to process changes in the “market ecosystem” and ensure that they remain competitive that results in behaviour which is interpreted as irrational. Lo further suggests that ...
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of rapid error correction and information transmission;competitive market maker system promotes the efficiency of the market.The market maker mechanism maybe have an edge over present mechanism in stock market, and should be the orientation for further development and the optimization of our market. ...
Points A, B, or C:All three points reside on the production possibility frontier. All three combinations use the maximum amount of market resources; therefore, Pareto efficiency is achieved at any of the three points. Point Y:Because Y does not reside along the production possibility frontier,...