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Grossman-Stiglitz Paradox
The Grossman-Stiglitz Paradox is a paradox introduced by Sanford J. Grossman Sanford "Sandy" Jay Grossman (born July 21, 1953) is an American economist and hedge fund manager specializing in quantitative finance. Grossman’s research has spanned the analysis of information in securities markets, corporate structure, prop ... and Joseph Stiglitz in a joint publication in '' American Economic Review'' in 1980 that argues perfectly informationally efficient markets are an impossibility since, if prices perfectly reflected available information, there is no profit to gathering information, in which case there would be little reason to trade and markets would eventually collapse. Rational efficient markets formulation The rational efficient markets formulation recognizes that investors will not rationally incur the expenses of gathering information unless they expect to be rewarded by higher gross returns compared with the free alternative of accepting the market price. Furthermo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sanford J
Sanford may refer to: People *Sanford (given name), including a list of people with the name * Sanford (surname), including a list of people with the name Places United States * Sanford, Alabama, a town in Covington County * Sanford, Colorado, a statutory town in Conejos County * Sanford, Florida, the county seat of Seminole County ** Orlando Sanford International Airport, in Sanford, Floria * Sanford, Georgia, an unincorporated community * Sanford, Kansas, an unincorporated community in Pawnee County * Sanford, Maine, a city in York County ** Sanford (CDP), Maine, a former census-designated place in downtown Sanford * Sanford, Michigan, a village in Midland County * Sanford, Mississippi, an unincorporated community in Covington County * Sanford, New York, a town in Broome County * Sanford, North Carolina, a city in Lee County * Sanford, Texas, a town in Hutchinson County * Sanford, Virginia, a census-designated place in Accomack County * Mount Sanford (Alaska), a shield ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |