What is Speculation?

Feiger, George

doi:10.2307/1885329

Cited by 25 publications

(11 citation statements)

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“…On the other hand, Fama (1970) andFeiger (1976) use models with state-dependent utility functions. The original von Neumann-Morgenstern (1953) axioms ensure the existence of utility functions defined over both states and consumption streams, but Marshak (1950, p 113) eliminates the state dependence in his version of the existence theorem.…”

Section: Choice Among Technologiesmentioning

confidence: 99%

General Equilibrium and Business Cycles

Black

1982

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The general equilibrium models in this paper, with complete markets, can give the major features of business cycles. The models include real investment, but information is costless and is available to everyone at the same time. Fluctuations in the match between resources and wants across many sectors create major fluctuations in output and unemployment, because moving resources from one sector to another is costly. Fluctuations in the demand for the services of durable goods causes much larger fluctuations in the output of durables, and causes unemployment that takes the form of temporary layoffs. Since specialized factors cooperate in producing goods and services, it makes sense to lay people off in groups rather than lowering wages and waiting for them to quit. Similarly, a vacancy is created when a specialized factor is missing from such a group. Technology comes with varying levels of risk and expected return associated with the degree of specialization. More specialization means more severe fluctuations and a higher average level of unemployment, along with a higher average level of output and growth. Monetary policy, interest rates, and fiscal policy have no special roles to play in the model.

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Section: Choice Among Technologiesmentioning

confidence: 99%

General Equilibrium and Business Cycles

Black

1982

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“…Feiger [10] has called speculators "agents who trade to a bundle of goods from which they hope to trade away profitably after some price movements". Adopting the implied definition of speculation we see that there is speculative activity in our model only if the investor behaves differently than described above if the market for risky assets is not reopened at t = …”

Section: Asset Specificmentioning

confidence: 99%

Capital Asset Prices and the Temporal Resolution of Uncertainty*

Epstein¹,

Turnbull²

1980

The Journal of Finance

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“…Sur le sujet de la spéculation, voir aussi Hirshleifer (1975), Salant (1976), Feiger (1976, Hirshleifer (1976), Tirole (1982), Tirole (1985). pur 17 , de l'acquisition ou de la dissémination d'information privée.…”

Section: Resultsunclassified

La théorie économique de l’information : exposé synthétique de la littérature

García

2009

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Le présent article fournit un exposé synthétique de la riche littérature sur l’économie de l’information. L’introduction situe la théorie économique de l’information dans la théorie économique générale et la définit par rapport au modèle des marchés contingents de Arrow-Debreu. Trois sections intitulées : Asymétrie d’information et structure des marchés, Transmission d’information par les prix et Information asymétrique et échange, analysent les principaux articles et leurs résultats. En conclusion, on aborde le thème de la valeur de l’information, on présente les caractéristiques de l’information en tant que bien et on souligne le défi que représente son intégration dans un modèle d’équilibre général.This paper attempts to give an integrated view of the numerous contributions to economic theory of information. After an introduction where the economics of information is placed within the context of general economic theory and defined relative to the Arrow-Debreu contingent market model, the paper reviews in three sections, entitled Asymetric information and Market Structure, Information revealed by prices, and Asymetric information and exchange, the core articles and their main results. The paper concludes with the value of information, its characteristics as a good, and the challenge of integrating it into a general equilibrium model

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What is Speculation?

Cited by 25 publications

References 0 publications

General Equilibrium and Business Cycles

General Equilibrium and Business Cycles

Capital Asset Prices and the Temporal Resolution of Uncertainty*

La théorie économique de l’information : exposé synthétique de la littérature

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