Optimal futures innovation in a dynamic economy: The discrete-time case
成果类型：
Article
署名作者：
Ohashi, K
署名单位：
Hitotsubashi University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2263
发表日期：
1997
页码：
448-465
关键词：
摘要：
We study the optimal futures information in a dynamic economy and investigate how the results obtained in a static economy should be modified due to the possibility of dynamic trading. We analyze three different notions of ex ante optimality, depending on the authority's ability to redistribute wealth among the investors and characterize the optimal futures innovation in each sense. (C) 1997 Academic Press.
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