haku: @author Phillips, H. / yhteensä: 5
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| Tekijä: | Frankfurter, G. Phillips, H. |
| Otsikko: | Normative implications of equilibrium models: homogeneous expectations and other artificialities |
| Lehti: | Journal of Economic Behavior and Organization
1996 : OCT, VOL. 31:1, p. 67-84 |
| Asiasana: | ECONOMIC BEHAVIOUR ORGANIZATION ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | A new round in an ongoing discussion about the usefulness and validity of the Capital Asset Pricing Model (CAPM) began with an academic paper by Fama and French. The tumult is not just the result of opposing ideas, but is also about conflicting professional and economic interests. The disagreements often obscured by academic rhetoric, are really about normative applications of positive theories in general, and about the normative implications of equilibrium-restricted beta statistics in particular. This paper shows where the line of demarcation between positive and normative issues should be drawn in this debate. |
SCIMA