LEADER 05464nam 22006133 450 001 9910297043103321 005 20231110235328.0 010 $a3-631-75572-4 024 7 $a10.3726/b14075 035 $a(CKB)4100000007276961 035 $a(OAPEN)1003295 035 $a(oapen)https://directory.doabooks.org/handle/20.500.12854/39633 035 $a(MiAaPQ)EBC30686095 035 $a(Au-PeEL)EBL30686095 035 $a(EXLCZ)994100000007276961 100 $a20230911d1989 uy 0 101 0 $aeng 135 $auuuuu---auuuu 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aHans-Michael Geiger- Informational Efficiency in Speculative Markets- a Theoretical Investigation $eInformational Efficiency in Speculative Markets 205 $aFirst edition. 210 1$aFrankfurt am Main :$cPeter Lang GmbH, Internationaler Verlag der Wissenschaften,$d1989. 210 4$d©1989. 215 $a1 online resource (238 pages) 225 1 $aAllokation im marktwirtschaftlichen System. 311 $a3-631-40803-X 327 $aCover -- PREFACE -- INTRODUCTION -- Chapter I The Fundamental Issue: Efficiency in Market Economies -- 1 The Separability of Market Systems into an Allocation System and an Information System -- 1.1 The Allocation System -- 1.1.1 PARETO's Paradigm -- 1.1.2 Extension: Market Costs -- 1.1.2.1 Transaction Costs -- 1.1.2.2 Coordination Costs -- 1.1.2.3 Transaction Costs versus Coordination Costs -- 1.1.3 Factor Earnings -- 1.1.3.1 Input Costs -- 1.1.3.2 Managerial Reward -- 1.2 The Information System -- 1.2.1 The Concept of an Information System -- 1.2.2 Entrepreneurial Activity and Managerial Performance -- 1.2.2.1 The Mode of Interaction -- 1.2.2.2 Entrepreneurial Profit -- 1.2.2.3 Structures of Organization and Efficiency -- 1.2.3 The Process of Diffusion of Information -- 1.2.3.1 Profit Erosion as an Indication of Diffusion of Information -- 1.2.3.2 A Simple Model of Profit Erosion -- 1.2.4 Allocation versus Information Processes -- 1.2.5 Possession versus Property -- 2 The Concept of Allocational Efficiency and Informational Efficiency -- 2.1 Efficiency and Rationality in Economic Science -- 2.2 The Concept of Allocational Efficiency -- 2.3 The Concept of Informational Efficiency -- 3 An Efficiency-Preference Function -- Chapter II The Empirical Reference System: Futures Markets -- 1 Definition and Institutional Setup -- 2 Transaction Possibilities with Particular Reference to Conflicting Theories of Hedging -- 2.1 Arbitrage -- 2.2 Hedging -- 2.2.1 Hedging for Risk-Shifting -- 2.2.2 Hedging for Profit-Making -- 2.3 Speculation -- 2.4 Spreading -- 3 Economic Functions of Futures Markets -- 3.1 Microeconomic Functions -- 3.2 Macroeconomic Functions -- 4 Institutional Properties of Futures Markets as an Aid to Theoretical Analysis -- Chapter III The 'Neoclassical' Perspective of Informational Efficiency -- 1 Introductory Notes. 327 $a2 The Arithmomorphic Approach -- 2.1 Presentation of the Basic Idea -- 2.2 Expected Return Models -- 2.3 Statistical Background -- 2.4 A FAMA-Model of an Informational Efficient Market System -- 2.4.1 Presentation of a FAMA-Model of an Informational Efficient Market System -- 2.4.2 Tests of Informational Efficiency -- 2.4.3 The Problem of Joint Tests -- 2.5 Limitations and Criticism of the Arithmomorphic Approach -- Chapter IV An 'Austrian' Perspective of Informational Efficiency -- 1 Introductory Notes -- 2 An 'Austrian' Perspective -- 2.1 Hedging versus Speculation -- 2.2 Information Processes -- 2.3 Divergent Expectations and Speculative Prices -- 2.3.1 The Idea of Expectations -- 2.3.2 Consensus Expectations versus Divergent Expectations -- 2.3.3 The 'Unquiet Market' -- 2.3.4 The Principle of False-Price-Trading -- 2.3.5 Speculative Prices versus Forecast Prices -- 2.4 Monopoly and Profit -- 2.4.1 The Notion of Friction -- 2.4.2 Monopoly -- 2.4.3 Market Efficiency. 330 $aThe purpose of this work is to provide a critical presentation and some extensions of two perspectives of informational efficiency: On the one hand the neoclassical perspective or «arithmomorphic approach» explains efficiency in terms of a concept mainly based on an explicit economic theory. On the other hand, in the Austrian perspective or «causal genetic approach» attention is drawn to the entrepreneurial element of human decision making related to an arbitrage theory of profit which is not traced back to anonymous market forces but rather to incessant discovery of information guided by entrepreneurial alertness. 410 0$aAllokation im marktwirtschaftlichen System. 517 $aHans-Michael Geiger- Informational Efficiency in Speculative Markets- A Theoretical Investigation 606 $aEconomics$xPsychological aspects 610 $aEfficiency 610 $aGeiger 610 $aHans 610 $aINFORM 610 $aInformational 610 $aInvestigation 610 $aMarkets 610 $aMichael 610 $aSpeculative 610 $aTheoretical 615 0$aEconomics$xPsychological aspects. 700 $aGeiger$b Hans-Michael$01234702 701 0$aGraw$b Ehrentraud$01234703 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910297043103321 996 $aHans-Michael Geiger- Informational Efficiency in Speculative Markets- a Theoretical Investigation$93554275 997 $aUNINA