Decisions and Optimality in Competitive Stock Ownership Economies
重新审视Diamond-Dreze股票市场经济中的决策理论结构，指出均衡配置缺乏最优性源于信息问题，并提出了信息约束下的帕累托最优概念，适用于半强式市场效率。
Reexamination of the decision theoretic structure of a Diamond-Dreze stock market economy reveals that general lack of optimal equilibrium allocations is an informational problem. Prices of firms' shares and observed production convey information sufficient for weak form market efficiency, but is inadequate for investors to select socially optimal portfolios which constitute strong form market efficiency. Revising the optimality concept to accommodate information constraints yields a notion of information constrained Pareto optimality. This concept reflects general application of the principle of semistrong form market efficiency. Our approach subsumes the Bayesian approach.