{"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. 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