{"id":"https://openalex.org/W2151016263","doi":"https://doi.org/10.1111/j.1540-6261.1983.tb02509.x","title":"Consensus Beliefs Equilibrium and Market Efficiency","display_name":"Consensus Beliefs Equilibrium and Market Efficiency","publication_year":1983,"publication_date":"1983-06-01","ids":{"openalex":"https://openalex.org/W2151016263","doi":"https://doi.org/10.1111/j.1540-6261.1983.tb02509.x","mag":"2151016263"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6261.1983.tb02509.x","doi":"https://doi.org/10.1111/j.1540-6261.1983.tb02509.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1983.tb02509.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5017669758","display_name":"David A. Easley","orcid":"https://orcid.org/0000-0002-6405-4134","observed_orcids":["https://orcid.org/0000-0002-6405-4134"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"DAVID EASLEY","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5046533635","display_name":"Robert A. Jarrow","orcid":"https://orcid.org/0000-0001-9893-9611","observed_orcids":["https://orcid.org/0000-0001-9893-9611"]},"institutions":[{"id":"https://openalex.org/I205783295","display_name":"Cornell University","ror":"https://ror.org/05bnh6r87","country_code":"US","type":"education","lineage":["https://openalex.org/I205783295"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"ROBERT A. JARROW","raw_affiliation_strings":["Department of Economics at Cornell University; and Graduate School of Business and Public Administration, Cornell University, respectively"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics at Cornell University; and Graduate School of Business and Public Administration, Cornell University, respectively","institution_ids":["https://openalex.org/I205783295"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":27,"citation_normalized_percentile":{"value":0.27037618,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":89,"max":94},"biblio":{"volume":"38","issue":"3","first_page":"903","last_page":"903"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9692000150680542,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9692000150680542,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.028599999845027924,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.0010999999940395355,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-efficiency","display_name":"market efficiency","score":0.9580000042915344},{"id":"https://openalex.org/keywords/rational-expectations","display_name":"rational expectations","score":0.8629999756813049},{"id":"https://openalex.org/keywords/existence-of-equilibrium","display_name":"existence of equilibrium","score":0.6069999933242798},{"id":"https://openalex.org/keywords/efficient-market-hypothesis","display_name":"efficient market hypothesis","score":0.5590000152587891}],"concepts":[{"id":"https://openalex.org/C527412718","wikidata":"https://www.wikidata.org/wiki/Q855395","display_name":"Interpretation (philosophy)","level":2,"score":0.7825333476066589},{"id":"https://openalex.org/C2985330422","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Market efficiency","level":2,"score":0.6887252330780029},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.6765631437301636},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6656582951545715},{"id":"https://openalex.org/C25343380","wikidata":"https://www.wikidata.org/wiki/Q277521","display_name":"Relation (database)","level":2,"score":0.5943415760993958},{"id":"https://openalex.org/C29368100","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Efficient-market hypothesis","level":4,"score":0.586270272731781},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.5539169907569885},{"id":"https://openalex.org/C118084267","wikidata":"https://www.wikidata.org/wiki/Q26110","display_name":"Positive economics","level":1,"score":0.5221377015113831},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3548191785812378},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.26286014914512634},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.13378265500068665},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C77088390","wikidata":"https://www.wikidata.org/wiki/Q8513","display_name":"Database","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/j.1540-6261.1983.tb02509.x","doi":"https://doi.org/10.1111/j.1540-6261.1983.tb02509.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1983.tb02509.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"doi:10.2307/2328089","doi":"https://doi.org/10.2307/2328089","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2328089","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bla:jfinan:v:38:y:1983:i:3:p:903-11","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0022-1082%28198306%2938%3A3%3C903%3ACBEAME%3E2.0.CO%3B2-3&origin=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":9,"referenced_works":["https://openalex.org/W1501771870","https://openalex.org/W1994515073","https://openalex.org/W2016843842","https://openalex.org/W2042488601","https://openalex.org/W2131368387","https://openalex.org/W2131773668","https://openalex.org/W3125824349","https://openalex.org/W4231546411","https://openalex.org/W4235840289"],"related_works":["https://openalex.org/W1501771870","https://openalex.org/W2116042397","https://openalex.org/W7045763797","https://openalex.org/W2277822615","https://openalex.org/W7095818327","https://openalex.org/W2021278244","https://openalex.org/W7096897225","https://openalex.org/W4231573325","https://openalex.org/W7061050478","https://openalex.org/W7096899467"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"paper":[2],"presents":[3],"an":[4],"analysis":[5],"of":[6,9,30,38],"the":[7,26,54],"concept":[8],"consensus":[10,31,63],"beliefs":[11,32,64],"and":[12],"its":[13],"relation":[14],"to":[15],"market":[16,39,51],"efficiency.":[17,40,52],"We":[18],"show":[19],"that":[20],"unless":[21,74],"traders":[22,75],"have":[23,76],"rational":[24,77],"expectations,":[25],"two":[27],"published":[28],"interpretations":[29],"are":[33,66],"not":[34,72],"useful":[35],"for":[36,50],"considerations":[37],"One":[41],"interpretation":[42,56],"(see":[43,57],"Verrecchia":[44,58],"[6]":[45],")":[46,62],"has":[47],"no":[48],"implication":[49],"Under":[53],"second":[55],"[7]":[59],",":[60],"[8]":[61],"equilibria":[65],"efficient,":[67],"but":[68],"they":[69],"typically":[70],"do":[71],"exist":[73],"expectations.":[78]},"counts_by_year":[{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
