Chapter 8. Rational Diverse Beliefs and Market Volatility
- Introduction 440
- Can Market Dynamics Be Explained by Asymmetric Private Information? 445
- A General Model of Asset Pricing under Asymmetric Information 445
- Dynamic Infinite Horizon Models 450
- Is Asymmetric Information a Satisfactory Theory of Market Dynamics? 453
- Diverse Beliefs with Common Information: The General Theory 454
- A Basic Principle: Rational Diversity Implies Volatility 455
- Stability and Rationality in a General Nonstationary Economy 457
- Belief Rationality and the Conditional Stability Theorem 461
- Describing Individual and Market Beliefs with Markov State Variables 464
- Asset Pricing with Heterogeneous Beliefs: An Illustrative Model and Implications 474
- Explaining Market Dynamics ...
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