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.
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 2002-08-31 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local uniqueness and smooth dependence of the endogenous variables from the exogenous ones are studied using a version of a so-called parametric transversality theorem. In a standard general equilibrium model, all equilibria are efficient, but that is not the case if some imperfection, like incomplete markets, asymmetric information, strategic interaction, is added. Then, for almost all economies, equilibria are inefficient, and an outside institution can Pareto improve upon the market outcome. Those results are proved showing that a well-chosen system of equations has no solutions."
Download or read book The Structure of Applied General Equilibrium Models written by Victor Ginsburgh and published by MIT Press. This book was released on 2002 with total page 580 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bridges the gap between applied and theoretical general equilibrium models.
Download or read book General Equilibrium Theory of Value written by Yves Balasko and published by Princeton University Press. This book was released on 2011-07-25 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of general equilibrium, one of the central components of economic theory, explains the behavior of supply, demand, and prices by showing that supply and demand exist in balance through pricing mechanisms. The mathematical tools and properties for this theory have developed over time to accommodate and incorporate developments in economic theory, from multiple markets and economic agents to theories of production. Yves Balasko offers an extensive, up-to-date look at the standard theory of general equilibrium, to which he has been a major contributor. This book explains how the equilibrium manifold approach can be usefully applied to the general equilibrium model, from basic consumer theory and exchange economies to models with private ownership of production. Balasko examines properties of the standard general equilibrium model that are beyond traditional existence and optimality. He applies the theory of smooth manifolds and mappings to the multiplicity of equilibrium solutions and related discontinuities of market prices. The economic concepts and differential topology methods presented in this book are accessible, clear, and relevant, and no prior knowledge of economic theory is necessary. General Equilibrium Theory of Value offers a comprehensive foundation for the most current models of economic theory and is ideally suited for graduate economics students, advanced undergraduates in mathematics, and researchers in the field.
Download or read book Microfoundations of Financial Economics written by Yvan Lengwiler and published by Princeton University Press. This book was released on 2006-05-07 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook takes the reader from the level of microeconomics principles through to modern asset pricing theory. Yvan Lengwiler elegantly links together issues that have in the past been the territory of general economic theorists on the one hand, and financial economists on the other. In a sequence of carefully explained steps, the reader learns how the first welfare theorem is used in asset pricing theory. The book then moves on to explore Radner economies and von Neumann-Morgenstern decision theory, and this section culminates in Wilson's mutuality principle and the consumption-based CAPM. This is then put into a dynamic setting, and term structure models are introduced. The empirical shortcomings of the standard asset pricing models are extensively discussed, as is research from the last twenty years aimed at bringing theory in line with reality. The reader is brought up to date on the latest areas of concern, such as habit formation, the consequences of heterogeneity, demographic effects, changing tax regimes, market frictions, and the implications of prospect theory for asset pricing. Aimed at masters or Ph.D. students specializing in financial economics, the book can also be used as a supplementary text for students of macroeconomics at this advanced level and will be of interest to finance professionals with a background in economics and mathematics. It includes problems (with solutions), and an accompanying website provides supporting material for lecturers.
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 .
Download or read book Foundations Of The Theory Of General Equilibrium Second Edition written by Yves Balasko and published by World Scientific. This book was released on 2016-05-11 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic theory of general equilibrium underpins the most important models used in economic theory in general and in its more specialized areas such as macroeconomics, international trade, environmental economics, growth theory, and developmental economics. In Foundations of the Theory of General Equilibrium, leading academic scholar, Yves Balasko offers a good introduction to the economic theory of general equilibrium and makes use of various mathematical tools as intuitive and easy as possible. The second half of the book addresses properties of the general equilibrium model that are still at the frontier of current research. These properties deal with the characterization of economies with a unique equilibrium and, more generally, with the relationships between the number of equilibria and the fundamentals of an economy.
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 2002 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of General Equilibrium Foundations of Finance is to give a sound economic foundation of finance based on the general equilibrium model with incomplete markets which embodies the famous CAPM as an important special case. This goal is achieved by giving reasonable restrictions on the agents' characteristics that lead to a well determined financial markets model having a unique competitive equilibrium. The innovation of this book is to transfer and to extend the theoretical results on the structure of competitive equilibria into the modern context of incomplete financial markets. General Equilibrium Foundations of Finance should be easily accessible by advanced Ph.D. students as well as by theorists of any subfield of mathematical economics. It should be interesting both for theorists who are looking for possible applications of rigorous theorizing as well as for practitioners who seek for a theoretical foundation of fruitful applications of financial markets' models.
Download or read book General Equilibrium Theory written by Ross M. Starr and published by Cambridge University Press. This book was released on 1997-07-13 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: General Equilibrium Theory: An Introduction treats the classic Arrow-Debreu general equilibrium model in a form accessible to graduate students and advanced undergraduates in economics and mathematics. Topics covered include mathematical preliminaries, households and firms, existence of general equilibrium, Pareto efficiency of general equilibrium, the First and Second Fundamental Theorems of Welfare Economics, the core and core convergences, future markets over time and contingent commodity markets under uncertainty. Demand, supply, and excess demand appear first as (point-valued) functions, then optionally as (set-valued) correspondences. The mathematics presented (with elementary proofs of the theorems) includes a real analysis, the Brouwer fixed point theorem, and separating and supporting hyperplane theorems. Optional chapters introduce the existence of equilibrium with set-valued supply and demand, the mathematics of upper and lower hemicontinuous correspondences, and the Kakutani fixed point theorem. The treatment emphasizes clarity and accessibility to the student through use of examples and intuition.
Download or read book Stochastic Methods in Asset Pricing written by Andrew Lyasoff and published by MIT Press. This book was released on 2017-08-25 with total page 632 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive overview of the theory of stochastic processes and its connections to asset pricing, accompanied by some concrete applications. This book presents a self-contained, comprehensive, and yet concise and condensed overview of the theory and methods of probability, integration, stochastic processes, optimal control, and their connections to the principles of asset pricing. The book is broader in scope than other introductory-level graduate texts on the subject, requires fewer prerequisites, and covers the relevant material at greater depth, mainly without rigorous technical proofs. The book brings to an introductory level certain concepts and topics that are usually found in advanced research monographs on stochastic processes and asset pricing, and it attempts to establish greater clarity on the connections between these two fields. The book begins with measure-theoretic probability and integration, and then develops the classical tools of stochastic calculus, including stochastic calculus with jumps and Lévy processes. For asset pricing, the book begins with a brief overview of risk preferences and general equilibrium in incomplete finite endowment economies, followed by the classical asset pricing setup in continuous time. The goal is to present a coherent single overview. For example, the text introduces discrete-time martingales as a consequence of market equilibrium considerations and connects them to the stochastic discount factors before offering a general definition. It covers concrete option pricing models (including stochastic volatility, exchange options, and the exercise of American options), Merton's investment–consumption problem, and several other applications. The book includes more than 450 exercises (with detailed hints). Appendixes cover analysis and topology and computer code related to the practical applications discussed in the text.
Download or read book Principles of Financial Economics written by Stephen F. LeRoy and published by Cambridge University Press. This book was released on 2014-08-11 with total page 371 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second edition provides a rigorous yet accessible graduate-level introduction to financial economics. Since students often find the link between financial economics and equilibrium theory hard to grasp, less attention is given to purely financial topics, such as valuation of derivatives, and more emphasis is placed on making the connection with equilibrium theory explicit and clear. This book also provides a detailed study of two-date models because almost all of the key ideas in financial economics can be developed in the two-date setting. Substantial discussions and examples are included to make the ideas readily understandable. Several chapters in this new edition have been reordered and revised to deal with portfolio restrictions sequentially and more clearly, and an extended discussion on portfolio choice and optimal allocation of risk is available. The most important additions are new chapters on infinite-time security markets, exploring, among other topics, the possibility of price bubbles.
Download or read book General Equilibrium written by W. D. A. Bryant and published by World Scientific. This book was released on 2010 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. It also explores the question of the empirical relevance of equilibrium states. It highlights a series of 'relationship conditions' which are essential for the existence of equilibrium, but appear in optimality results." -- PUBLISHER WEBSITE.
Download or read book Financial Markets and the Real Economy written by John H. Cochrane and published by Now Publishers Inc. This book was released on 2005 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial Markets and the Real Economy reviews the current academic literature on the macroeconomics of finance.
Download or read book Fundamentals Of General Equilibrium Analysis written by Takashi Suzuki and published by World Scientific. This book was released on 2020-09-03 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this book is to incorporate Marshallian ideas such as external increasing returns and monopolistic competitions into the general equilibrium framework of Walrasian tradition. New chapters and sections have been added to this revised and expanded edition of General Equilibrium Analysis of Production and Increasing Returns (World Scientific, 2009).The new material includes a presentation of equilibrium existence and core equivalence theorems for an infinite horizon economy with a measure space of consumers. These results are currently the focus of extensive studies by mathematical theorists, and are obtained by an application of an advanced mathematical concept called saturated (super-atomless) measure space.The second major change is the inclusion of a simple toy model of a liberal society which implements the difference principle proposed by J Rawls as a principle of distributive justice. This new section opens up a possibility to connect theoretical economics and political philosophy.Thirdly, the author presents the marginal cost pricing equilibrium and discusses welfare properties of the external increasing returns, which also belong to Marshall/ Pigou tradition of the Cambridge school.Finally, a new mathematical appendix treats basics of singular homology theory. Although the fixed point theorem is originally a theorem of algebraic topology, most economic students know its proof only in the context of the differentiable manifold theory presented by J Milnor. Considering the significance of the fixed point theorem and its playing a key role in general equilibrium theory, the purpose of this new appendix is to provide readers with the idea of a proof of Brower's fixed point theorem from the 'right place'.This volume will be helpful for graduate students and researchers of mathematical economics, game theory, and microeconomics.
Download or read book The Allocation of Time and Goods Over the Life Cycle written by Gilbert R. Ghez and published by Columbia University Press. This book was released on 1975 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.
Download or read book Asset Pricing Under Asymmetric Information written by Markus Konrad Brunnermeier and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of information is central to the academic debate on finance. This book provides a detailed, current survey of theoretical research into the effect on stock prices of the distribution of information, comparing and contrasting major models. It examines theoretical models that explain bubbles, technical analysis, and herding behavior. It also provides rational explanations for stock market crashes. Analyzing the implications of asymmetries in information is crucial in this area. This book provides a useful survey for graduate students.
Download or read book Demography and the Economy written by John B. Shoven and published by University of Chicago Press. This book was released on 2011-01-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demographics is a vital field of study for understanding social and economic change and it has attracted attention in recent years as concerns have grown over the aging populations of developed nations. Demographic studies help make sense of key aspects of the economy, offering insight into trends in fertility, mortality, immigration, and labor force participation, as well as age, gender, and race specific trends in health and disability. Demography and the Economy explores the connections between demography and economics, paying special attention to what demographic trends can reveal about the sustainability of traditional social security programs and the larger implications for economic growth. The volume brings together some of the leading scholars working at the border between the two disciplines, and it provides an eclectic overview of both fields. Contributors also offer deeper analysis of a variety of issues such as the impact of greater wealth on choices about marriage and childbearing and the effects of aging populations on housing prices, Social Security, and Medicare.
