Ishikawa, Ryuichiro; Matsuhisa, Takashi; Hoshino, Yoshiaki - Graduate School of Economics, Hitotsubashi University - 2002
Let us consider a pure exchange economy under non-partitional information where the traders are assumed to have a reflexive and transitive information structure and to have strictly monotone preferences. We show the no speculation theorem: If the initial endowment is ex-ante Pareto optimal then...