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O;f"V vFkZ'kkL=k osQ fl¼kar




                    uksV          eku yks fd Hkkoh fu;ksDrk HkrhZ osQ fy, f'k{kk dk Lrj  y  1-2 fuf'pr djrk gS D;ksafd lewg I osQ jkstxkj
                                  bPNqdksa dh f'k{kk dk Lrj  y  (= 0.8) ls de gS vkSj os fMxzhèkkjd ugha gSa] fu;ksDrk bl de mRikndrk
                                  lewg dks etnwjh osQ :i esa 50]000 #- izLrkfor djrk gSA lewg-I osQ fy, b"Vre fodYi ;k rks f'k{kk xzg.k
                                  u djuk] y = 0 gS ;k Bhd  y  f'k{kk ysuk gSA os  y  dks ugha pqu ldrs D;ksafd f'k{kk dh ykxr (60]000 #-)
                                  mudh vkenuh esa o`f¼ (50]000 #-) ls vfèkd gS ;fn os fMxzh ysrs gSaA vr% os dksbZ fMxzh ugha ysaxsA
                                  lewg-II osQ jkstxkj bPNqd 'kSf{kd Lrj  y  = 1-2 izkIr djsaxs D;ksafd mudh vkenuh esa o`f¼] f'k{kk dh ykxr
                                  (30]000 #-) ls vfèkd gSA

                                  vr% jkstxkj cktkj esa larqqyu LFkkfir gks tkrk gSA tc lewg-I dk izR;sd 'kwU; f'k{kk Lrj ( y  = 0) pqu ysrk
                                  gS] rFkk lewg-II dk izR;sd f'k{kk Lrj  y  pqurk gS] 'kSf{kr Lrj  y  nksuksa lewgksa dh fuEu rFkk mPp
                                  mRikndrkvksa osQ O;fDr;ksa dk laosQr gSA
                                  fp=k 30-2 (A) rFkk (B) Øe'k% nksuksa lewgksa osQ laosQru dh O;k[;k djrs gSaA vuqyac v{k w  = 50]000
                                                                                                      1
                                  #- rFkk w  = 1]00]000 #- izLrkfor etnwjh vuqlwph dks ekirk gSA {kSfrt v{k f'k{kk dk Lrj y fn[kkrk
                                          2
                                  gSA C  = y  lewg-I dk f'k{kk dh ykxr oØ gS rFkk C  = y] lewg-II dk f'k{kk dh ykxr oØ gSA C
                                      1   1                                2                                  1
                                  RkFkk C  fn, gksus ij] etnwjh vuqlwph lewg-I dks  y  = 1-2 ls de f'k{kk Lrj ls larq"V gksus dk izksRlkgu
                                       2
                                  nsrh gS D;ksafd C  > w A vr% muosQ fy, b"Vre pquko fMxzh u ysuk gS ftldk rkRi;Z gS]  y  = 0 ftls
                                              1    1
                                  fp=k dk isuy (A) fn[kkrk gSA isuy (B) lewg-II osQ fy, b"Vre pquko fn[kkrk gS tks f'k{kk dk Lrj
                                   y  = 1-2 izkIr djrk gS rFkk ftls etnwjh w  = 50]000 #- osQ LFkku ij 1]00]000 #- izLrkfor dh tkrh gSA
                                                                  1
                                  30-3 n{k cktkj dh ifjdYiuk (The Efficient Market Hypothesis)

                                  vFkZ'kkL=kh rFkk vkfFkZd fo'ys"kdksa us LVkWd cktkj (stock market) esa dherksa osQ O;ogkj dk vè;;u
                                  fd;k gSA blls LVkWd dherksa osQ vkfFkZd fl¼kar fodflr gq, gSa ftudk n{k cktkj ifjdYiuk (EMH) osQ
                                  varxZr lewgu fd;k x;k gSA
                                                                     fp=k 30-2


                                                            Group I
                                                                                        Group II
                                                  w(y) Rs. 1,00,000         W w(y) Rs. 1,00,000
                                                 W
                                              Wage Schedule  W 2 1 Rs. 50,000  W 2 1  Rs. 50,000  Rs. 30,000
                                                     Rs. 60,000
                                                                                                C  = y/2
                                                                                                 2



                                                  O   0.40 0.80 1.20 1.60     O   0.40 0.80 1.20 1.60
                                                               y                           y
                                                      Optimal Choice, y = 0       Optimal Choice, y = 0

                                                                 Education Level






                                    VkLd    vlefer lwpuk osQ fl¼kar ij vius fopkj O;Dr dhft,A




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