On the Impossibility of Informationally Efficient Markets

Sanford J. Grossman, Joseph E. Stiglitz

NBER Reprint No. 121
Issued in December 1980
NBER Program(s):   PE

Published: Grossman, S. J. and Stiglitz, J. E. "On the Impos sibility of Informationally Efficient Markets." The American Economic Review, Vol. 70, No. 3, (June 1980), pp. 393-408.

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