Speculative Behavior and the Operation of Competitive Markets Under Uncertainty

For graduate-level readers assumed to have only a slight initial interest in the subject, presents certain aspects of competitive economics under uncertainty and explores some implications of speculative behavior for the performance of the economy. Focuses on the optimality of the competitive equilibrium under uncertainty, the role of homogeneous beliefs and common knowledge in asset-pricing theories, informational price theory, and the idea of rational expectation in the market for a speculative asset. No index. Distributed in the US by Ashgate. Annotation copyright Book News, Inc. Portland, Or.