Department of Economics and Graduate School of Business, Stanford University. I am grateful to Michael Rothschild, Joseph Stiglitz and the participants of the Summer Seminar 1975 at the Institute for Mathematical Studies in the Social Sciences, Stanford University for their helpful comments. This work was supported by National Science Foundation Grant SOC74-11446 at the Institute for Mathematical Studies in the Social Sciences, Stanford University, and the Dean Witter Foundation. Due to space limitations, an Appendix on the subject of the “Uniqueness of Equilibrium” is not included in the article and is available from the author upon request.
ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION
Article first published online: 30 APR 2012
1976 The American Finance Association
The Journal of Finance
Volume 31, Issue 2, pages 573–585, May 1976
How to Cite
Grossman, S. (1976), ON THE EFFICIENCY OF COMPETITIVE STOCK MARKETS WHERE TRADES HAVE DIVERSE INFORMATION. The Journal of Finance, 31: 573–585. doi: 10.1111/j.1540-6261.1976.tb01907.x
- Issue published online: 30 APR 2012
- Article first published online: 30 APR 2012
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