{"id":118608,"date":"2024-01-22T22:06:09","date_gmt":"2024-01-22T21:06:09","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/118608\/"},"modified":"2024-11-07T04:57:42","modified_gmt":"2024-11-07T03:57:42","slug":"knowledge-belief-and-the-economic-system","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/118608\/","title":{"rendered":"Knowledge, Belief and the Economic System"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-118608","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Prices, according to one of the fundamental economic assumptions, contain all the information needed by market participants to make decisions. But this hypothesis does not withstand a reality check \u2013 a lot of very necessary information is not passed on in the price system. The prices of stocks immediately before the crash of a stock market bubble say very little about their true worth. For a perfect market system mar-kets for all products and for all points in time are needed. These markets do not always exist and some-times cannot exist \u2013 for example markets for products not yet in existence.","onlinedate":"2013-12-12 01:00:00","lang":"English","publication_series":"","publication_date":"20131201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Arrow Nobelpreistr\u00e4ger\"]","jelcodes":"[]","related_publications":"[]","pdf":350990,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"86","monthly_report_pages":"943-951","monthly_report_pages_sort":"943","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[11175],"persons_data":"[{\"personId\":11175,\"personName\":\"Kenneth J. Arrow\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\">Arrow, K. J. (2013). <span>Knowledge, Belief and the Economic System<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>86<\\\/em>(12), 943-951. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47076\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/47076<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\">Arrow KJ. <span class=\\\"title\\\"><span>Knowledge, Belief and the Economic System<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2013 Dec;86(12):943-951.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{251b7c6178c1459b95b0923946619a8d,<\\\/div><div>  title    = \\\"Knowledge, Belief and the Economic System\\\",<\\\/div><div>  abstract = \\\"Prices, according to one of the fundamental economic assumptions, contain all the information needed by market participants to make decisions. But this hypothesis does not withstand a reality check \u2013 a lot of very necessary information is not passed on in the price system. The prices of stocks immediately before the crash of a stock market bubble say very little about their true worth. For a perfect market system mar-kets for all products and for all points in time are needed. These markets do not always exist and some-times cannot exist \u2013 for example markets for products not yet in existence.\\\",<\\\/div><div>  keywords = \\\"Arrow Nobelpreistr{\\\\\\\"a}ger, Arrow Nobelpreistr{\\\\\\\"a}ger\\\",<\\\/div><div>  author   = \\\"Arrow, \\\\{Kenneth J.\\\\}\\\",<\\\/div><div>  note     = \\\"Knowledge and Belief\\\",<\\\/div><div>  year     = \\\"2013\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"English\\\",<\\\/div><div>  volume   = \\\"86\\\",<\\\/div><div>  pages    = \\\"943--951\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - Knowledge, Belief and the Economic System<\\\/p><p>AU  - Arrow, Kenneth J.<\\\/p><p>N1  - Knowledge and Belief<\\\/p><p>PY  - 2013\\\/12<\\\/p><p>Y1  - 2013\\\/12<\\\/p><p>N2  - Prices, according to one of the fundamental economic assumptions, contain all the information needed by market participants to make decisions. But this hypothesis does not withstand a reality check \u2013 a lot of very necessary information is not passed on in the price system. The prices of stocks immediately before the crash of a stock market bubble say very little about their true worth. For a perfect market system mar-kets for all products and for all points in time are needed. These markets do not always exist and some-times cannot exist \u2013 for example markets for products not yet in existence.<\\\/p><p>AB  - Prices, according to one of the fundamental economic assumptions, contain all the information needed by market participants to make decisions. But this hypothesis does not withstand a reality check \u2013 a lot of very necessary information is not passed on in the price system. The prices of stocks immediately before the crash of a stock market bubble say very little about their true worth. For a perfect market system mar-kets for all products and for all points in time are needed. These markets do not always exist and some-times cannot exist \u2013 for example markets for products not yet in existence.<\\\/p><p>KW  - Arrow Nobelpreistr\u00e4ger<\\\/p><p>KW  - Arrow Nobelpreistr\u00e4ger<\\\/p><p>M3  - WIFO series<\\\/p><p>VL  - 86<\\\/p><p>SP  - 943<\\\/p><p>EP  - 951<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Knowledge, Belief and the Economic System - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/118608\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Knowledge, Belief and the Economic System\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/118608\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:57:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/118608\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/118608\\\/\",\"name\":\"Knowledge, Belief and the Economic System - 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