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Capital Gains and the Economic Theory of Corporate Finance

Burness, H. Stuart and Quirk, James P. (1978) Capital Gains and the Economic Theory of Corporate Finance. Social Science Working Paper, 232. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20171019-142846616

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Abstract

The dependence of one agent’s actions upon those of another constitutes a fundamental departure point for much of received economic theory. Apart from a deterministic setting, the presence of uncertainty implies a dependence on the probable actions of other agents; that is, the ultimate behavior of an individual is to a certain extent a consequence of his beliefs concerning the behavior of other agents. While the difficulty associated with formulating even crude conjectures of this nature is overwhelming, actual informational demands are even greater as from the dependence of agent A’s actions on his beliefs concerning agent B’s actions, it follows directly that agent B’s actions are dependent on his beliefs concerning agent A’s beliefs relative to his (agent B’s) action as well, as infinitum.


Item Type:Report or Paper (Working Paper)
Additional Information:This research was supported in part under NSF #APR75-16566 and under ERDA #EY-76-G-03-1305. We also wish to thank the Environmental Quality Laboratory at Caltech for its assistance.
Group:Social Science Working Papers, Environmental Quality Laboratory
Funders:
Funding AgencyGrant Number
NSFAPR75-16566
Department of Energy (DOE)EY-76-G-03-1305
Record Number:CaltechAUTHORS:20171019-142846616
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20171019-142846616
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82517
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:19 Oct 2017 22:05
Last Modified:19 Oct 2017 22:05

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