منابع مشابه
Inefficient Diversification ∗
This paper argues that in environments that exhibit non-convexities, risk diversification by financial institutions may be socially inefficient. To this end, we study a stylized, micro-founded model in which individual banks have an incentive to hold diversified portfolios in order to minimize the likelihood of bank runs. Yet, at the same time, diversification may increase the aggregate risk fa...
متن کاملInefficient Markets
Models Traders' values and information typically consist of both private and commonvalue elements. In such environments, full allocative efficiency is impossible when the private rate of information substitution differs from the social rate (Jehiel and Moldovanu, 2001). We link this impossibility result to a failure of the efficient market hypothesis, which states that prices adequately reflect...
متن کاملInefficient Redistribution
Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/page/info/about/policies/terms.jsp. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive o...
متن کاملRadiatively Inefficient Accretion Disks
Radiatively inefficient (or advection dominated) disks are discussed at an introductory level. Ion supported and radiation supported flows are discussed, the different consequences of advection dominated flows onto black holes vs. solid surfaces (neutron stars, white dwarfs), hydrodynamics, the role of the ratio of specific heats, and the possible connection between ADAFs and outflows.
متن کاملInefficient pre-bargaining search
The MIT Faculty has made this article openly available. Please share how this access benefits you. Your story matters. Abstract We identify conditions under which a bargainer makes inefficiently large (small) investments in search for information about the opponent's reservation price. The analysis starts with the observation that a player will invest too much (too little) if the opponent's exp...
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ژورنال
عنوان ژورنال: The Elementary School Teacher
سال: 1903
ISSN: 1545-5858
DOI: 10.1086/453315