Consensus Beliefs Equilibrium and Market Efficiency
分析共识信念概念与市场效率的关系，指出除非交易者具有理性预期，否则两种共识信念解释对市场效率均无实际意义。
ABSTRACT This paper presents an analysis of the concept of consensus beliefs and its relation to market efficiency. We show that unless traders have rational expectations, the two published interpretations of consensus beliefs are not useful for considerations of market efficiency. One interpretation (see Verrecchia [6] ) has no implication for market efficiency. Under the second interpretation (see Verrecchia [7] , [8] ) consensus beliefs equilibria are efficient, but they typically do not exist unless traders have rational expectations.