General Equilibrium Foundations of Finance: Structure of Incomplete Markets Models
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 t...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
New York, NY
Springer US
2002
|
| Ausgabe: | 1st ed. 2002 |
| Schriftenreihe: | Theory and Decision Library C, Game Theory, Social Choice, Decision Theory, and Optimization
33 |
| Schlagworte: | |
| Online-Zugang: | BTU01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (XXVII, 299 p. 1 illus) |
| ISBN: | 9781475753172 |
| DOI: | 10.1007/978-1-4757-5317-2 |
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Datensatz im Suchindex
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| author | Hens, Thorsten Pilgrim, Beate |
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| discipline | Wirtschaftswissenschaften |
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| edition | 1st ed. 2002 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T15:15:37Z |
| indexdate | 2024-07-10T08:56:09Z |
| institution | BVB |
| isbn | 9781475753172 |
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| series2 | Theory and Decision Library C, Game Theory, Social Choice, Decision Theory, and Optimization |
| spelling | Hens, Thorsten Verfasser aut General Equilibrium Foundations of Finance Structure of Incomplete Markets Models by Thorsten Hens, Beate Pilgrim 1st ed. 2002 New York, NY Springer US 2002 1 Online-Ressource (XXVII, 299 p. 1 illus) txt rdacontent c rdamedia cr rdacarrier Theory and Decision Library C, Game Theory, Social Choice, Decision Theory, and Optimization 33 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 Economic Theory/Quantitative Economics/Mathematical Methods Finance, general International Economics Microeconomics Economic theory Finance International economics Unvollkommener Markt (DE-588)4062060-8 gnd rswk-swf Gleichgewichtstheorie (DE-588)4071876-1 gnd rswk-swf Unvollkommener Kreditmarkt (DE-588)4128333-8 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 s Gleichgewichtstheorie (DE-588)4071876-1 s Unvollkommener Markt (DE-588)4062060-8 s DE-604 Unvollkommener Kreditmarkt (DE-588)4128333-8 s Pilgrim, Beate aut Erscheint auch als Druck-Ausgabe 9781441953339 Erscheint auch als Druck-Ausgabe 9781402073373 Erscheint auch als Druck-Ausgabe 9781475753189 https://doi.org/10.1007/978-1-4757-5317-2 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hens, Thorsten Pilgrim, Beate General Equilibrium Foundations of Finance Structure of Incomplete Markets Models Economic Theory/Quantitative Economics/Mathematical Methods Finance, general International Economics Microeconomics Economic theory Finance International economics Unvollkommener Markt (DE-588)4062060-8 gnd Gleichgewichtstheorie (DE-588)4071876-1 gnd Unvollkommener Kreditmarkt (DE-588)4128333-8 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| subject_GND | (DE-588)4062060-8 (DE-588)4071876-1 (DE-588)4128333-8 (DE-588)4073788-3 |
| title | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models |
| title_auth | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models |
| title_exact_search | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models |
| title_exact_search_txtP | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models |
| title_full | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models by Thorsten Hens, Beate Pilgrim |
| title_fullStr | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models by Thorsten Hens, Beate Pilgrim |
| title_full_unstemmed | General Equilibrium Foundations of Finance Structure of Incomplete Markets Models by Thorsten Hens, Beate Pilgrim |
| title_short | General Equilibrium Foundations of Finance |
| title_sort | general equilibrium foundations of finance structure of incomplete markets models |
| title_sub | Structure of Incomplete Markets Models |
| topic | Economic Theory/Quantitative Economics/Mathematical Methods Finance, general International Economics Microeconomics Economic theory Finance International economics Unvollkommener Markt (DE-588)4062060-8 gnd Gleichgewichtstheorie (DE-588)4071876-1 gnd Unvollkommener Kreditmarkt (DE-588)4128333-8 gnd Kreditmarkt (DE-588)4073788-3 gnd |
| topic_facet | Economic Theory/Quantitative Economics/Mathematical Methods Finance, general International Economics Microeconomics Economic theory Finance International economics Unvollkommener Markt Gleichgewichtstheorie Unvollkommener Kreditmarkt Kreditmarkt |
| url | https://doi.org/10.1007/978-1-4757-5317-2 |
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