Hans-Michael Geiger- Informational Efficiency in Speculative Markets- a Theoretical Investigation : Informational Efficiency in Speculative Markets

Hans-Michael Geiger- Informational Efficiency in Speculative Markets- a Theoretical Investigation Informational Efficiency in Speculative Markets

The purpose of this work is to provide a critical presentation and some extensions of two perspectives of informational efficiency: On the one hand the neoclassical perspective or «arithmomorphic approach» explains efficiency in terms of a concept mainly based on an explicit economic theory. On the...

Full description

Bibliographic Details
Main Author: Geiger, Hans-Michael (-)
Other Authors: Graw, Ehrentraud
Format: Electronic
Language:Inglés
Published: Frankfurt am Main : Peter Lang GmbH, Internationaler Verlag der Wissenschaften 1989.
Edition:First edition
Series:Allokation im marktwirtschaftlichen System.
Subjects:
Economics > Psychological aspects.
Efficiency
Geiger
Hans
INFORM
Informational
Investigation
Markets
Michael
Speculative
Theoretical
See on Biblioteca Universitat Ramon Llull:https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009428785006719
Table of Contents:
  • Cover
  • PREFACE
  • INTRODUCTION
  • Chapter I The Fundamental Issue: Efficiency in Market Economies
  • 1 The Separability of Market Systems into an Allocation System and an Information System
  • 1.1 The Allocation System
  • 1.1.1 PARETO's Paradigm
  • 1.1.2 Extension: Market Costs
  • 1.1.2.1 Transaction Costs
  • 1.1.2.2 Coordination Costs
  • 1.1.2.3 Transaction Costs versus Coordination Costs
  • 1.1.3 Factor Earnings
  • 1.1.3.1 Input Costs
  • 1.1.3.2 Managerial Reward
  • 1.2 The Information System
  • 1.2.1 The Concept of an Information System
  • 1.2.2 Entrepreneurial Activity and Managerial Performance
  • 1.2.2.1 The Mode of Interaction
  • 1.2.2.2 Entrepreneurial Profit
  • 1.2.2.3 Structures of Organization and Efficiency
  • 1.2.3 The Process of Diffusion of Information
  • 1.2.3.1 Profit Erosion as an Indication of Diffusion of Information
  • 1.2.3.2 A Simple Model of Profit Erosion
  • 1.2.4 Allocation versus Information Processes
  • 1.2.5 Possession versus Property
  • 2 The Concept of Allocational Efficiency and Informational Efficiency
  • 2.1 Efficiency and Rationality in Economic Science
  • 2.2 The Concept of Allocational Efficiency
  • 2.3 The Concept of Informational Efficiency
  • 3 An Efficiency-Preference Function
  • Chapter II The Empirical Reference System: Futures Markets
  • 1 Definition and Institutional Setup
  • 2 Transaction Possibilities with Particular Reference to Conflicting Theories of Hedging
  • 2.1 Arbitrage
  • 2.2 Hedging
  • 2.2.1 Hedging for Risk-Shifting
  • 2.2.2 Hedging for Profit-Making
  • 2.3 Speculation
  • 2.4 Spreading
  • 3 Economic Functions of Futures Markets
  • 3.1 Microeconomic Functions
  • 3.2 Macroeconomic Functions
  • 4 Institutional Properties of Futures Markets as an Aid to Theoretical Analysis
  • Chapter III The 'Neoclassical' Perspective of Informational Efficiency
  • 1 Introductory Notes.
  • 2 The Arithmomorphic Approach
  • 2.1 Presentation of the Basic Idea
  • 2.2 Expected Return Models
  • 2.3 Statistical Background
  • 2.4 A FAMA-Model of an Informational Efficient Market System
  • 2.4.1 Presentation of a FAMA-Model of an Informational Efficient Market System
  • 2.4.2 Tests of Informational Efficiency
  • 2.4.3 The Problem of Joint Tests
  • 2.5 Limitations and Criticism of the Arithmomorphic Approach
  • Chapter IV An 'Austrian' Perspective of Informational Efficiency
  • 1 Introductory Notes
  • 2 An 'Austrian' Perspective
  • 2.1 Hedging versus Speculation
  • 2.2 Information Processes
  • 2.3 Divergent Expectations and Speculative Prices
  • 2.3.1 The Idea of Expectations
  • 2.3.2 Consensus Expectations versus Divergent Expectations
  • 2.3.3 The 'Unquiet Market'
  • 2.3.4 The Principle of False-Price-Trading
  • 2.3.5 Speculative Prices versus Forecast Prices
  • 2.4 Monopoly and Profit
  • 2.4.1 The Notion of Friction
  • 2.4.2 Monopoly
  • 2.4.3 Market Efficiency.

Similar Items