Game theory, Decision making, Rationality, IE-DM relationship

Journal Article Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points Get access L. Hurwicz L. Hurwicz University of Minnesota Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 46, Issue 2, April 1979, Pages 217–225, https://doi.org/10.2307/2297046 Published: 01 April 1979 Article history Received: 01 November 1976 Accepted: 01 December 1978 Published: 01 April 1979

There is strong theoretical support for the notion that prices in a perfect capital market will vary randomly ([22], [16]). However, the existence of some nonrandomness in stock prices is well documented, see ([10], [11], [13], [14], [20]). Of special importance for this study is the research by Young [24] who finds predominantly negative autocorrelation for a sample of securities using a monthly differencing interval. Autocorrelation coefficients are often used as a measure of nonrandom price behavior; negative autocorrelation is an indication of price reversals.

The Journal of Financial and Quantitative Analysis © 1979 University of Washington School of Business Administration

I. Introduction, 355.—II. No production costs: "pure" discrimination, 357.—III. Positive production costs, 363.—IV. Conclusion, 367.

Prepared under Contract no. EX-76-A-01-2295, Task order 37.