Download General Equilibrium Foundations And Continuous Time Finance For Heterogeneous And International Economies full books in PDF, epub, and Kindle. Read online free General Equilibrium Foundations And Continuous Time Finance For Heterogeneous And International Economies ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
| Author | : Oliver Berndt |
| Publisher | : |
| Total Pages | : 361 |
| Release | : 2013 |
| Genre | : |
| ISBN | : |
| Author | : Thorsten Hens |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 313 |
| Release | : 2013-03-09 |
| Genre | : Business & Economics |
| ISBN | : 1475753179 |
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 | : Thorsten Hens |
| Publisher | : |
| Total Pages | : 332 |
| Release | : 2014-01-15 |
| Genre | : |
| ISBN | : 9781475753189 |
| Author | : P.J. Kalman |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 174 |
| Release | : 2012-12-06 |
| Genre | : Business & Economics |
| ISBN | : 364295331X |
In a wide number of economic problems the equilibrium values of the variables can be regarded as solutions of a parametrized constrained maximization problem. This occurs in static as well as dynamic models; in the latter case the choice variables are often paths in certain function spaces and thus can be regarded as points in infinite dimensional spaces. It is sometimes possible to determine qualitative properties of the solutions with respect to changes in the parameters of the model. The study of such properties is often called comparative statics; [15], [2], and [10]. Certain comparative static properties of the maxima have proven to be of particular importance for economic theory, since the works of Slutsky, Hicks, and Samuelson [15]: they have been for- lated in terms of synunetry and negative semidefiniteness of a matrix, called the Slutsky-Hicks-Samuelson matrix. A discussion of this matrix and its applications is given in Section 1. The study of these properties in economic theory, however, has so far been restricted to static models where the choice variable and the parameters are elements in Euclidean spaces, and where there is only one constraint.
| Author | : Ross M. Starr |
| Publisher | : Academic Press |
| Total Pages | : 364 |
| Release | : 2014-05-10 |
| Genre | : Business & Economics |
| ISBN | : 1483273512 |
General Equilibrium Models of Monetary Economies: Studies in the Static Foundations of Monetary Theory is a collection of essays that addresses the integration of the theory of money and the theory of value by using a mathematical general equilibrium theory. The papers discuss monetary theory, microeconomic theory, bilateral trade, transactions costs, intertemporal allocation, and the value of money. The Arrow-Debreu model of Walrasian general equilibrium theory provides a framework to represent money as a device for facilitating trade among economic agents without the use of money as a medium of exchange and as a store of value. The essays analyze the rationale for using a medium of exchange, for using a store of value, and for holding of idle balances in equilibrium. The essays show that by explicit modeling of the structure and difficulties of trade, a powerful class of models which deny money and finance a role in the economy, has by itself shown to have provided the foundation for the structures of trade. The collection will prove helpful for economists, statistician, mathematicians, students or professors of economics and business.
| Author | : Yves Balasko |
| Publisher | : |
| Total Pages | : 312 |
| Release | : 1988 |
| Genre | : Business & Economics |
| ISBN | : |
| Author | : W. D. A. Bryant |
| Publisher | : World Scientific |
| Total Pages | : 492 |
| Release | : 2010 |
| Genre | : Business & Economics |
| ISBN | : 9812818359 |
General Equilibrium Theory studies the properties and operation of free market economies. The field is a response to a series of questions originally outlined by Leon Walras about the operation of markets and posed by Frank Hahn in the following way: OCyDoes the pursuit of private interest, through a system of interconnected deregulated markets, lead not to chaos but to coherence OCo and if so, how is that achieved?OCO This is always an apt question, but particularly so given the OCyGlobal Financial CrisisOCO that emerged from the operation of market economies in the Americas and Europe in mid to late 2008. The answer that General Equilibrium Theory provides to the Walras-Hahn question is that, under certain conditions coherence is possible, while under certain other conditions chaos, in various forms, is likely to prevail. The conditionality of either outcome is not always well understood OCo neither by proponents of, or antagonists to, the OCyfree market positionOCO. Consequently, this book attempts to show something of what General Equilibrium Theory has to say about the wisdom or otherwise of always relying on OCymarket forcesOCO to manage complex socio-economic systems. Sample Chapter(s). Chapter 1: General Equilibrium Theory: An Overview (138 KB). Contents: General Equilibrium Theory: An Overview; Existence of Equilibrium: Sufficient Conditions; Existence of Equilibrium: Necessary Conditions; Equilibrium and Irreducibility: Some Empirical Evidence; Existence of Equilibrium Under Alternative Income Conditions; Existence of Walrasian Equilibrium in Some NonOCoArrow-Debreu Environments; Uniqueness of Equilibrium; Stability of Equilibrium; Optimality of Equilibrium; Comparative Statics of Equilibrium States; Empirical Evidence on General Equilibrium; General Equilibrium Theory in Retrospect. Readership: Advanced undergraduates and graduate students in economics; economists interested in economic theory."
| Author | : Takashi Hayashi |
| Publisher | : Springer |
| Total Pages | : 193 |
| Release | : 2017-07-27 |
| Genre | : Business & Economics |
| ISBN | : 3319566962 |
This book addresses the gaps in undergraduate teaching of partial equilibrium analysis, providing a general equilibrium viewpoint to illustrate the assumptions underlying partial equilibrium welfare analysis. It remains unexplained, at least at the level of general economics teaching, in what sense partial equilibrium analysis is indeed a part of general equilibrium analysis. Partial equilibrium welfare analysis isolates a market for a single commodity from the rest of the economy, presuming that other things remain equal, and measures gains and losses by means of consumer surplus. This is a money metric that is supposed to be summable across individuals, recommending policy that maximizes the social surplus. But what justifies such apparently uni-dimensional practise? Within a general equilibrium framework, the assumption of no income effect is presented as the key condition, and substantive general equilibrium situations in which the condition emerges are presented. The analysis is extended to the case of uncertainty, in which the practice adopts aggregate expected consumer surplus, and scrutinizes when such practice is justified. Finally, the book illustrates partial equilibrium as an institutional artifact, meaning that institutional constraint induces individuals to behave as if they are in partial equilibrium. This volume forms an important contribution to the literature by researching why this disparity persists and the implications for economics education.
| Author | : Robert E. Kuenne |
| Publisher | : Springer |
| Total Pages | : 514 |
| Release | : 1992-06-18 |
| Genre | : Business & Economics |
| ISBN | : 1349127523 |
A collection of published papers in general equilibrium that explore the basic problems of extensive interdependence in models incorporating oligopoly, space, time and money. Robert E. Kuenne has also written "The Theory of General Economic Equilibrium".
| Author | : Ross M. Starr |
| Publisher | : Cambridge University Press |
| Total Pages | : 379 |
| Release | : 2011-04-25 |
| Genre | : Business & Economics |
| ISBN | : 1139496735 |
General Equilibrium Theory: An Introduction presents the mathematical economic theory of price determination and resource allocation from elementary to advanced levels, suitable for advanced undergraduates and graduate students of economics. This Arrow–Debreu model (known for two of its most prominent founders, both Nobel Laureates) is the basis of modern price theory and of a wide range of applications. The new edition updates discussion throughout and expands the number and variety of exercises. It offers a revised and extended treatment of core convergence, including the case of non-convex preferences, and introduces the investigation of approximate equilibrium with U-shaped curves and non-convex preferences.
