Collective Fineness of Stock Prices and Efficiency of Financial Markets

Article Abstract:

Traditional theories of the efficiency properties of options assume that at least one stock price is fine on state space. This assumption is examined and found to be an unlikely occurence. Suggestions are that stock prices may be collectively fine, producing almost any fine portfolio. The allocation efficiency of the Arrow-Debreu Model can be achieved.

Models, Prices and rates, Stocks, Industrial efficiency, Economic efficiency, Stock prices

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Industry Structure and Trade Policy under Fluctuating Import Prices

Article Abstract:

Industry response to tariffs and subsidies is compared under stable, fixed import prices. The behavior is similar. Under fluctuating import prices, competitive industries increase output while monopolies decrease output in response to tariffs.

Analysis, International trade, Industry, Industries, Tariffs

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