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Speculation and Equilibrium:Information,Risk,and Markets

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  • Jack Hirshleifer

    (UCLA)

Abstract

I. Price risk versus quantity risk, 520. — II. Noninformative equilibrium: simple consumptive gamble, 525. — III. Informative equilibrium: prior-trading optimum and compound consumptive gamble, 529. — IV. Conclusion: determinants of speculative-hedging behavior, 538. — V. Limitations and generalizations, 540.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jack Hirshleifer, 1973. "Speculation and Equilibrium:Information,Risk,and Markets," UCLA Economics Working Papers 037, UCLA Department of Economics.
    • Handle: RePEc:cla:uclawp:037
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    References listed on IDEAS

    as
    1. Leland L. Johnson, 1960. "The Theory of Hedging and Speculation in Commodity Futures," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 27(3), pages 139-151.
    2. Rockwell, Charles S., 1967. "Normal Backwardation, Forecasting, and the Return to Commodity Futures Traders," Food Research Institute Studies, Stanford University, Food Research Institute, vol. 7(Supplemen), pages 1-24.
    3. Jack Hirshleifer & Mark E. Rubinstein, 1973. "Speculation and Information in Securities Markets," UCLA Economics Working Papers 032, UCLA Department of Economics.
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