Aoki, Takaaki - Volkswirtschaftliche Fakultät, … - 2003
This article analyzes the effect of speculation on the economic welfare from various criteria, using a simple Edgeworth … box within a three-period Walrasian competition framework. Here “speculation” is defined as a series of transition …), and economic value of speculation by Hirshleifer (1971, 1975, 1977). It is explicitly shown that the complete sharing of …