金融市场与金融机构第六章-公开课件.pptVIP

Chapter Six THE THEORY OF EFFICIENT CAPITAL MARKETS Chapter Outline Theory of Rational Expectations Efficient Markets Theory Theory of Rational Expectations Example: Suppose that when Joe travels when it is not rush hour, it takes average of 30 minutes for his trip to work. Sometimes it takes him 35 minutes, other times 25 minutes, but the average not-rush-hour driving time is 30 minutes. If ,however Joe leaves for wok during the rush hour ,it takes him ,on average, an additional 10minutes to wok. Given that his expectation are rational, what should Joe expect his driving time to be? Theory o