john2072
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Dołączył: 26 Sty 2011
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 Wysłany: Czw 17:04, 27 Sty 2011 Temat postu: ugg boots 2011|1968 |
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Arrow's word into a multiperiod model, would not know what state has been revealed until they witnessed the unfolding strategies of the other market participants. Prices in these sequential markets could follow any number of transient paths before arriving at the same final equilibrium value. Radner expressed this point as follows:(Spot market prices) would depend, at a given date, on the evolution of the economy up to that date, including the evolution of the environment [link widoczny dla zalogowanych], both through direct observations of the environment...and indirectly through the decisions made up to that date...Unfortunately, in order correctly to infer something about the state of nature from the value of the new prices, an agent must in principle know the strategies used by other agents up to that date....In particular, an agent will no longer be able to assign a definite value to a strategy for given prices in the futures market. Radner (1968) [link widoczny dla zalogowanych], p.35.Other authors expressed this point somewhat differently:A state of the world in this model is a complete specification of the physical environment and of spot market equilibrium prices as well [link widoczny dla zalogowanych], for all dates from the present to the end of the history of the economic system....[I]ndividuals will not know what state oyilai:
[link widoczny dla zalogowanych]
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