|
Books > Business & Economics > Economics > Microeconomics
|
Buy Now
General Equilibrium Foundations of Finance - Structure of Incomplete Markets Models (Paperback, Softcover reprint of hardcover 1st ed. 2003)
Loot Price: R4,452
Discovery Miles 44 520
|
|
|
General Equilibrium Foundations of Finance - Structure of Incomplete Markets Models (Paperback, Softcover reprint of hardcover 1st ed. 2003)
Series: Theory and Decision Library C, 33
Expected to ship within 10 - 15 working days
|
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.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
|
You might also like..
|
Email address subscribed successfully.
A activation email has been sent to you.
Please click the link in that email to activate your subscription.
Welcome to Loot.co.za!
Sign in / Register |Wishlists & Gift Vouchers |Help | Advanced search
