A SIMPLE MODEL OF CAP ITAL MARKET EQUILIBRIUM WITH INCOMPLETE INFORMATIONT Working Paper #1869-87 March 1987 Presidential Address, American Finance Associatio New Orleans, December 29, 1986. Forthcoming, in J (July 1987A SIMPLE MODEL OF CAPITAL MARKET EQUILIBRIUM WITH INCOMPLETE INFORMATIONt Robert C. Merton Working Paper #1869-87 March 1987 tPresidential Address, American Finance Association, New Orleans, December 29, 1986. Forthcoming, in Journal of Finance (July 1987)