Bulls, Bears, and Retirement Behavior
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چکیده
منابع مشابه
A battle of informed traders and the market game foundations for rational expectations equilibrium
Potential manipulation of prices and convergence to rational expectations equilibrium is studied in a game without noise traders. Informed players with initially long and short positions (bulls and bears) seek to manipulate consumer expectations in opposite directions. In equilibrium, period 1 prices reveal the state, so manipulation is unsuccessful. Bears and uninformed consumers sell up to th...
متن کاملA Battle of Price Manipulators and the Market Game Foundations for Rational Expectations Equilibrium∗
Manipulation of prices and convergence to rational expectations equilibrium is studied in a game without noise traders. Informed players with initially long and short positions (bulls and bears) seek to manipulate consumer expectations in opposite directions. In equilibrium, bears and uninformed consumers sell up to their short-sale limits in period 1. Bulls buy in period 1 but receive arbitrag...
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