The Social Cost of Near-Rational Investment

We show that the stock market may fail to aggregate information even if it appears to be efficient, and that the resulting decrease in the information content of prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and households...

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Veröffentlicht in:	NBER Working Paper Series 2011-05, p.17027
Hauptverfasser:	Hassan, Tarek Alexander, Mertens, Thomas
Format:	Artikel
Sprache:	eng
Schlagworte:	Aggregates Asset Pricing Consumption Economic Fluctuations and Growth Economic theory Equilibrium Expected utility Externality Households Investments Investors Noise Prices Productivity Rates of return Securities markets Stock exchanges Stock prices Studies
Online-Zugang:	Volltext
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