Equilibrium Expectations And Information
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Equilibrium Expectations And Information
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Author : Christopher Torr
language : en
Publisher: Routledge
Release Date : 2019-03-06
Equilibrium Expectations And Information written by Christopher Torr and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-06 with Political Science categories.
This book attempts to elucidate the views of Keynes's General Theory as far as equilibrium, expectations and information are concerned, and compares them with those of modern classical economists of the Chicago and Ricardian persuasion.
Rational Expectations Equilibrium Cost Of Information And Welfare
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Author : Chang-Ho Yoon
language : en
Publisher:
Release Date : 1978
Rational Expectations Equilibrium Cost Of Information And Welfare written by Chang-Ho Yoon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Commerce categories.
Financial Markets Theory
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Author : Emilio Barucci
language : en
Publisher: Springer
Release Date : 2017-06-08
Financial Markets Theory written by Emilio Barucci and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-08 with Mathematics categories.
This work, now in a thoroughly revised second edition, presents the economic foundations of financial markets theory from a mathematically rigorous standpoint and offers a self-contained critical discussion based on empirical results. It is the only textbook on the subject to include more than two hundred exercises, with detailed solutions to selected exercises. Financial Markets Theory covers classical asset pricing theory in great detail, including utility theory, equilibrium theory, portfolio selection, mean-variance portfolio theory, CAPM, CCAPM, APT, and the Modigliani-Miller theorem. Starting from an analysis of the empirical evidence on the theory, the authors provide a discussion of the relevant literature, pointing out the main advances in classical asset pricing theory and the new approaches designed to address asset pricing puzzles and open problems (e.g., behavioral finance). Later chapters in the book contain more advanced material, including on the role of information in financial markets, non-classical preferences, noise traders and market microstructure. This textbook is aimed at graduate students in mathematical finance and financial economics, but also serves as a useful reference for practitioners working in insurance, banking, investment funds and financial consultancy. Introducing necessary tools from microeconomic theory, this book is highly accessible and completely self-contained. Advance praise for the second edition: "Financial Markets Theory is comprehensive, rigorous, and yet highly accessible. With their second edition, Barucci and Fontana have set an even higher standard!"Darrell Duffie, Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University "This comprehensive book is a great self-contained source for studying most major theoretical aspects of financial economics. What makes the book particularly useful is that it provides a lot of intuition, detailed discussions of empirical implications, a very thorough survey of the related literature, and many completely solved exercises. The second edition covers more ground and provides many more proofs, and it will be a handy addition to the library of every student or researcher in the field."Jaksa Cvitanic, Richard N. Merkin Professor of Mathematical Finance, Caltech "The second edition of Financial Markets Theory by Barucci and Fontana is a superb achievement that knits together all aspects of modern finance theory, including financial markets microstructure, in a consistent and self-contained framework. Many exercises, together with their detailed solutions, make this book indispensable for serious students in finance."Michel Crouhy, Head of Research and Development, NATIXIS
Equilibrium Models In Economics
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Author : Lawrence A. Boland
language : en
Publisher:
Release Date : 2017
Equilibrium Models In Economics written by Lawrence A. Boland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Econometric models categories.
The concept of equilibrium is fundamental to economic theory, according to which, it exists when supply and demand are balanced. Equilibrium Models in Economics critically examines the major problematic assumptions employed to build equilibrium models. It gives particular attention to the assumptions used to characterize learning, knowledge and expectations.
Equilibrium Models In Economics
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Author : Lawrence A. Boland
language : en
Publisher: Oxford University Press
Release Date : 2017-04-21
Equilibrium Models In Economics written by Lawrence A. Boland and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-21 with Business & Economics categories.
The concept of equilibrium is fundamental to economic theory, according to which, it exists when supply and demand are balanced. Equilibrium Models in Economics critically examines the major problematic assumptions employed to build equilibrium models. It gives particular attention to the assumptions used to characterize learning, knowledge and expectations. Lawrence Boland here explores whether equilibrium models can provide a realistic explanation of economic events and objects such as prices, market demands and market supplies. He traces how the different perspectives on equilibrium models represented by such creators as Kenneth Arrow, Robert Clower, and George Richardson influenced subsequent developments in economics. A key debate is about the comparative importance of whether equilibrium refers to a state of an actual economy or a property of a formal mathematical model. Another is the extent that the distinction between a model's exogenous vs. endogenous variables involves causality. Also explored are more recent efforts provided by behavioral, evolutionary, and complexity economics-whether they might change how economics is practiced in the future and how they could. Equilibrium Models in Economics is a trenchant exploration of how the discipline has grappled with attempts to understand and explain the way information, knowledge, and the expectations of actors participating in the economy influence outcomes and behavior. It presents a realistic, workable theory of knowledge and learning, simulating how decision makers and other actors operate in fast-changing equilibrium conditions.
The Analytics Of Uncertainty And Information
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Author : Jack Hirshleifer
language : en
Publisher: Cambridge University Press
Release Date : 1992-09-10
The Analytics Of Uncertainty And Information written by Jack Hirshleifer and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1992-09-10 with Business & Economics categories.
Economists have always recognised that human endeavours are constrained by our limited and uncertain knowledge, but only recently has an accepted theory of uncertainty and information evolved. This theory has turned out to have surprisingly practical applications: for example in analysing stock market returns, in evaluating accident prevention measures, and in assessing patent and copyright laws. This book presents these intellectual advances in readable form for the first time. It unifies many important but partial results into a satisfying single picture, making it clear how the economics of uncertainty and information generalises and extends standard economic analysis. Part One of the volume covers the economics of uncertainty: how each person adapts to a given fixed state of knowledge by making an optimal choice among the immediate 'terminal' actions available. These choices in turn determine the overall market equilibrium reflecting the social distribution of risk bearing. In Part Two, covering the economics of information, the state of knowledge is no longer held fixed. Instead, individuals can to a greater or lesser extent overcome their ignorance by 'informational' actions. The text also addresses at appropriate points many specific topics such as insurance, the Capital Asset Pricing model, auctions, deterrence of entry, and research and invention.
Essays On Rational Expectations And Flexible Exchange Rates
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Author : Nasser Saidi
language : en
Publisher: Routledge
Release Date : 2017-07-14
Essays On Rational Expectations And Flexible Exchange Rates written by Nasser Saidi and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-14 with Business & Economics categories.
Originally published in 1982. This book deals with exchange-rate determination and the implications of floating rate regimes for the time paths of prices and quantities. It develops a class of stochastic equilibrium models of the open economy operating under flexible exchange rates, assuming that agents are endowed with rational expectations but do not possess full current information as to the state of the world. Chapters look at a model’s response to economic disturbances, the effect on non-traded goods, and cyclical variations of the terms of trade. The final chapter considers a model to investigate purchasing parity issues.
Economie De L Incertain Et De L Information
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Author : Jean-Jacques Laffont
language : en
Publisher: MIT Press
Release Date : 1989
Economie De L Incertain Et De L Information written by Jean-Jacques Laffont and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
The Economics of Uncertainty and Information may be used in conjunction with Loffont's Fundamentals of Economics in an advanced course in microeconomics.
Organization With Incomplete Information
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Author : Mukul Majumdar
language : en
Publisher: Cambridge University Press
Release Date : 1998-09-13
Organization With Incomplete Information written by Mukul Majumdar and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-13 with Business & Economics categories.
There have been systematic attempts over the last twenty-five years to explore the implications of decision making with incomplete information and to model an 'economic man' as an information-processing organism. These efforts are associated with the work of Roy Radner, who joins other analysts in this collection to offer accessible overviews of the existing literature on topics such as Walrasian equilibrium with incomplete markets, rational expectations equilibrium, learning, Markovian games, dynamic game-theoretic models of organization, and experimental work on mechanism selection. Some essays also take up relatively new themes related to bounded rationality, complexity of decisions, and economic survival. The collection overall introduces models that add to the toolbox of economists, expand the boundaries of economic analysis, and enrich our understanding of the inefficiencies and complexities of organizational design in the presence of uncertainty.
Assessing Rational Expectations 2
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Author : Roger Guesnerie
language : en
Publisher: MIT Press
Release Date : 2005-02-18
Assessing Rational Expectations 2 written by Roger Guesnerie and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-02-18 with Business & Economics categories.
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.