A Simple Model of Useless Speculation
收藏NBER1990-11-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w3513
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资源简介：
The paper presents a general equilibrium model of a pure exchange economy with stochastic endowment in which speculation is profitable and stabilizes prices, but is useless from a welfare point of view. Reconciling the Siegel paradox with the theory of incomplete markets we show that banning
提供机构：
美国国家经济研究局
创建时间：
1990-11-01
