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Author : Michael Magill
Publisher : MIT Press
ISBN 13 : 9780262632546
Total Pages : 566 pages
Book Rating : 4.6/5 (325 download)
Download or read book Theory of Incomplete Markets written by Michael Magill and published by MIT Press. This book was released on 2002 with total page 566 pages. Available in PDF, EPUB and Kindle. Book excerpt: Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Author : Michael Magill
Publisher :
ISBN 13 :
Total Pages : 540 pages
Book Rating : 4.:/5 (986 download)
Download or read book Theory of Incomplete Markets written by Michael Magill and published by . This book was released on 1996 with total page 540 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yves Younès
Publisher :
ISBN 13 :
Total Pages : 57 pages
Book Rating : 4.:/5 (471 download)
Download or read book On the Theory of Incomplete Markets written by Yves Younès and published by . This book was released on 1987 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 129 pages
Book Rating : 4.:/5 (923 download)
Download or read book Studies in the Theory of Incomplete Markets written by and published by . This book was released on 1979 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yves Younes
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (248 download)
Download or read book On the Theory of Incomplete Markets written by Yves Younes and published by . This book was released on 1985 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Atsushi Kajii
Publisher :
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.:/5 (264 download)
Download or read book Essays on the Theory of Incomplete Markets written by Atsushi Kajii and published by . This book was released on 1991 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Steinar Ekern
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (476 download)
Download or read book On the theory of the firm in incomplete markets written by Steinar Ekern and published by . This book was released on 1973 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yves Younes
Publisher :
ISBN 13 :
Total Pages : 3 pages
Book Rating : 4.:/5 (49 download)
Download or read book On the theory of incomplete markets written by Yves Younes and published by . This book was released on 1987 with total page 3 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael J. P. Magill
Publisher :
ISBN 13 : 9781785366918
Total Pages : pages
Book Rating : 4.3/5 (669 download)
Download or read book Incomplete Markets written by Michael J. P. Magill and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Pascal Stiefenhofer
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783843376808
Total Pages : 132 pages
Book Rating : 4.3/5 (768 download)
Download or read book Theory of the Firm in Incomplete Markets written by Pascal Stiefenhofer and published by LAP Lambert Academic Publishing. This book was released on 2010-11 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Classical general equilibrium theory with incomplete markets assigns utilities to firms just as economists have always assigned utilities to consumers. This theory of the firm is at variance with the Arrow-Debreu model of the firm where decentralized markets function at their best and firms maximizing profits. This book, therefore, considers a model of the firm under time and uncertainty where the objective function of the firm is independent of any exogenously assigned average utility to it. This requires a reformulation of the role capital plays. At variance to classical GEI theory, in this set up, capital as an intermediate good does not enter the utility of the consumers. This allows a convenient formulation of production capacity with non-trivial economic consequences. The book rehabilitates the decentralization property of the Arrow Debreu model to the case where time and uncertainty enters the model in an essential way. The monograph is designed for advanced economics students, PhD students, engineers and researchers interested in production. Some suggestions for further research are mentioned.
Author : Michael Magill
Publisher : Edward Elgar Publishing
ISBN 13 : 9781845428624
Total Pages : 0 pages
Book Rating : 4.4/5 (286 download)
Download or read book Incomplete Markets written by Michael Magill and published by Edward Elgar Publishing. This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains articles on the general equilibrium theory of incomplete markets. This work presents the contributions to the theory of incomplete markets over a finite horizon. It examines the technical and conceptual issues that arise from the exploration of incomplete market economies over an open-ended future.
Author : Thorsten Hens
Publisher : Springer Science & Business Media
ISBN 13 : 1475753179
Total Pages : 313 pages
Book Rating : 4.4/5 (757 download)
Download or read book General Equilibrium Foundations of Finance written by Thorsten Hens and published by Springer Science & Business Media. This book was released on 2013-03-09 with total page 313 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this book is to give a sound economic foundation of finance. Finance is a coherent branch of applied economics that is designed to understand financial markets in order to give advice for practical financial decisions. This book argues that for a sound economic foundation of finance the famous general equilibrium model which in its modern form emphasizes the incompleteness of financial markets is well suited. The aim of the book is to demonstrate that financial markets can be meaningfully embedded into a more general system of markets including, for example, commodity markets. The interaction of these markets can be described via the well known notion of a competitive equilibrium. We argue that for a sound foundation this competitive equilibrium should be unique. In a first step we demonstrate that this essential goal cannot of be achieved based only on the rationality principle, i. e. on the assumption utility maximization of some utility function subject to the budget constraint. In particular we show that this important lack of structure is disturbing as well for the case of mean-variance utility functions which are the basis of the Capital Asset Pricing Model, one of the cornerstones of finance. The final goal of our book is to give reasonable restrictions on the agents' utility functions which lead to a well determined financial markets model.
Author : Georges Dionne
Publisher : Springer Science & Business Media
ISBN 13 : 0792392043
Total Pages : 748 pages
Book Rating : 4.7/5 (923 download)
Download or read book Foundations of Insurance Economics written by Georges Dionne and published by Springer Science & Business Media. This book was released on 1992 with total page 748 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Download or read book Mathematical Problems in the Theory of Incomplete Markets written by and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Antonio Villanacci
Publisher : Springer Science & Business Media
ISBN 13 : 1475736193
Total Pages : 495 pages
Book Rating : 4.4/5 (757 download)
Download or read book Differential Topology and General Equilibrium with Complete and Incomplete Markets written by Antonio Villanacci and published by Springer Science & Business Media. This book was released on 2013-04-17 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .
Author : Bernard Salanie
Publisher : MIT Press
ISBN 13 : 0262264625
Total Pages : 239 pages
Book Rating : 4.2/5 (622 download)
Download or read book Microeconomics of Market Failures written by Bernard Salanie and published by MIT Press. This book was released on 2000-10-10 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bernard Salanié studies situations where competitive markets fail to achieve a collective optimum and the interventions used to remedy these so-called market failures. In this book Bernard Salanié studies situations where competitive markets fail to achieve a collective optimum and the interventions used to remedy these so-called market failures. He includes discussions of theories of collective decision making, as well as elementary models of public economics and industrial organization. Although public economics is traditionally defined as the positive and normative study of government action over the economy, Salanié confines himself to microeconomic aspects of welfare economics; he considers taxation and the effects of public spending only as potential remedies for market failures. He concludes with a discussion of the theory of general equilibrium in incomplete markets.
Author : Emmanuel Farhi
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (132 download)
Download or read book Price Theory for Incomplete Markets written by Emmanuel Farhi and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a price theory for incomplete markets that extends the traditional Walrasian analysis. We derive formulas expressing the consumption response to current and future changes in interest rates and income. Our analysis provides a natural decomposition of these responses into substitution and income effects with structural interpretation, emphasizing statistics such as the marginal propensity to save and local measures of prudence in utility. We handle general uncertainty in a compact and intuitive manner by adjusting probability distributions: a risk-adjusted probability, commonly used in finance, and a novel prudence-adjusted probability, specifically useful for incomplete markets. Our formulas reveal various cross-restrictions implied by the theory on consumer behavior. Numerical explorations show that the new statistics we identify matter significantly to understand aggregate demand in incomplete markets, beyond the impact of heterogeneous marginal propensities to consume or binding borrowing constraints.
