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Noise Trader Risk and the Political Economy of Privatisation

Grant, Simon; Quiggin, John


The 'noise trader' model of De Long et al. provides a plausible account of the determination of the equity premium. Extension of the model to allow for privatization of publicly-owned assets yields insights into the positive political economy of privatization and into the normative question of how policies should be evaluated in the presence of mistaken beliefs.

CollectionsANU Research Publications
Date published: 2001
Type: Working/Technical Paper


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