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| Author: | Kemp, M. Sinn, H-W. |
| Title: | A simple model of privately profitable but socially useless speculation |
| Journal: | Japanese Economic Review
2000 : MAR, VOL. 51:1, p. 84-94 |
| Index terms: | Speculation Equilibrium theory Welfare |
| Language: | eng |
| Abstract: | The paper presents a general equilibrium model of a pure exchange economy with stochastic endowments, in which speculation in the forward market is profitable and stabilizes prices but is useless from a wefare point of view. |
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