Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/217065 
Autor:innen: 
Erscheinungsjahr: 
2019
Quellenangabe: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 14 [Issue:] 2 [Publisher:] The Econometric Society [Place:] New Haven, CT [Year:] 2019 [Pages:] 437-473
Verlag: 
The Econometric Society, New Haven, CT
Zusammenfassung: 
In a general equilibrium model with a continuum of traders and bounded aggregate endowment, I investigate the Market Selection Hypothesis that markets favor traders with accurate beliefs. Contrary to known results for economies with (only) finitely many traders, I find that risk attitudes affect traders' survival and that markets can favor 'lucky' traders with incorrect beliefs over 'skilled' traders with accurate beliefs. My model allows for a clear distinction between luck and skills and it shows that market selection forces induce efficient prices even when accurate traders do not survive in the long run.
Schlagwörter: 
Market selection hypothesis
asset pricing
general equilibrium
JEL: 
D50
D90
G12
Persistent Identifier der Erstveröffentlichung: 
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