Articles liés à Asymptotic Inefficiency of Incomplete Asset Markets
Synopsis
Demonstrate theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient has been an important topic at the frontier of the research on general equilibrium for financial markets. This paper proposes to make a critical survey of the literature on general equilibrium with incomplete financial markets that discusses in which condition it is possible to demonstrate the asymptotic properties. In particular, we examine whether each equilibrium that ensues with additions of securities are or not constrained Pareto optimum. The constrained optimality analysis runs into the difficulty that it is hard to proceed sensibly without tackling the difficult problem of the determination of the asset structure. With incomplete markets, the asset structures matters. The paper offers and solves an example where a structure of Arrow securities relates to the asymptotic inefficiency.
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Présentation de l'éditeur
Demonstrate theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient has been an important topic at the frontier of the research on general equilibrium for financial markets. This paper proposes to make a critical survey of the literature on general equilibrium with incomplete financial markets that discusses in which condition it is possible to demonstrate the asymptotic properties. In particular, we examine whether each equilibrium that ensues with additions of securities are or not constrained Pareto optimum. The constrained optimality analysis runs into the difficulty that it is hard to proceed sensibly without tackling the difficult problem of the determination of the asset structure. With incomplete markets, the asset structures matters. The paper offers and solves an example where a structure of Arrow securities relates to the asymptotic inefficiency.
Biographie de l'auteur
Professor on Economics at University of São Paulo. As a researcher, acts primarily in the field of mathematical economics and microeconomics (general equilibrium models with default and collateral). He is currently a researcher on FAPESP (São Paulo state science support agency).
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Asymptotic Inefficiency of Incomplete Asset Markets
Edité par
LAP LAMBERT Academic Publishing Okt 2014, 2014
ISBN 10 : 3659615722
ISBN 13 : 9783659615726
Neuf
Taschenbuch
Vendeur : BuchWeltWeit Ludwig Meier e.K., Bergisch Gladbach, Allemagne
Évaluation du vendeur 5 sur 5 étoiles
Taschenbuch. Etat : Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -Demonstrate theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient has been an important topic at the frontier of the research on general equilibrium for financial markets. This paper proposes to make a critical survey of the literature on general equilibrium with incomplete financial markets that discusses in which condition it is possible to demonstrate the asymptotic properties. In particular, we examine whether each equilibrium that ensues with additions of securities are or not constrained Pareto optimum. The constrained optimality analysis runs into the difficulty that it is hard to proceed sensibly without tackling the difficult problem of the determination of the asset structure. With incomplete markets, the asset structures matters. The paper offers and solves an example where a structure of Arrow securities relates to the asymptotic inefficiency. 52 pp. Englisch. N° de réf. du vendeur 9783659615726
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Asymptotic Inefficiency of Incomplete Asset Markets
Edité par
LAP LAMBERT Academic Publishing, 2014
ISBN 10 : 3659615722
ISBN 13 : 9783659615726
Neuf
Couverture souple
Vendeur : moluna, Greven, Allemagne
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Etat : New. N° de réf. du vendeur 5168551
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Expédition depuis Allemagne vers Etats-Unis
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Image fournie par le vendeur
Asymptotic Inefficiency of Incomplete Asset Markets
Edité par
LAP LAMBERT Academic Publishing Okt 2014, 2014
ISBN 10 : 3659615722
ISBN 13 : 9783659615726
Neuf
Taschenbuch
Vendeur : buchversandmimpf2000, Emtmannsberg, BAYE, Allemagne
Évaluation du vendeur 5 sur 5 étoiles
Taschenbuch. Etat : Neu. This item is printed on demand - Print on Demand Titel. Neuware -Demonstrate theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient has been an important topic at the frontier of the research on general equilibrium for financial markets. This paper proposes to make a critical survey of the literature on general equilibrium with incomplete financial markets that discusses in which condition it is possible to demonstrate the asymptotic properties. In particular, we examine whether each equilibrium that ensues with additions of securities are or not constrained Pareto optimum. The constrained optimality analysis runs into the difficulty that it is hard to proceed sensibly without tackling the difficult problem of the determination of the asset structure. With incomplete markets, the asset structures matters. The paper offers and solves an example where a structure of Arrow securities relates to the asymptotic inefficiency.VDM Verlag, Dudweiler Landstraße 99, 66123 Saarbrücken 52 pp. Englisch. N° de réf. du vendeur 9783659615726
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