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| 文件名: On the Impossibility of Informationally Efficient Markets_ Comment.pdf | |
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Grossman, SanfordJ.,and JosephE. Stiglitz.1980. "On the Impossibility of
Informationally Efficient Markets." AmericanEconomicReview,70(3): 393-408. Aspointedoutbya numberofscholars, ina worldofdispersedinformation, the equilibriumpricewillitselfingeneralbe a sourceofinformation toparticipants, sinceitincorporates whateverinformation otherparticipants have.Grossmanand Stiglitzexaminetheimplicationforthecasewhereinformation canbeacquiredat a cost.Ifthereisanequilibrium, somewillchoosetogetinformed andothersnot; thetwocoursesofactionmustbe indifferent. (Veryspecialassumptions aremade abouttheriskaversioncharacteristics ofthepopulationandaboutitsheterogeneity.) Inparticular, ifsomeindividuals canacquireperfect information atafinite cost,then noequilibriumexists,since,ifinformation isacquiredbysome,itwillbereflected inthepriceandso canbe acquiredcostlesslybyothers, whileifnooneacquires information, itwillpayanyindividual toacquireit. |
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