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Multiplicity in general financial equilibrium with portfolio constraints [PDF]
Journal of Economic Theory, 2006 This paper explores the role of portfolio constraints in generating multiplicity of equilibrium. We present a simple financial market economy with two goods and two households, households who face constraints on their ability to take unbounded positions in risky stocks.
Suleyman Basak +3 more
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Behavioural Present Value Defined as Fuzzy Number – a New Approach
Folia Oeconomica Stetinensia, 2015 The behavioural present value is defined as a fuzzy number assessed under the impact of chosen behavioural factors. The first formal model turned out to be burdened with some formal defects which are finally corrected in the presented article.
Piasecki Krzysztof, Siwek Joanna
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Equilibrium in Financial Markets with Adverse Selection [PDF]
, 2003 We study a financial market adverse selection model where all agents are endowed with initial wealth and choose to invest as entrepreneurs or financiers, or not to invest. We show that often a lack of outside finance leads to the emergence of financial markets where availability of outside finance leads to autarky.
Tuomas Takalo, Otto Toivanen
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The virtues and vices of equilibrium and the future of financial economics [PDF]
Complexity, 2008 Abstract The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this is so, extolling the virtues of equilibrium theory; then we present a critique and ...
J. Doyne Farmer, John Geanakoplos
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Jurnal Ekonomi dan Keuangan Islam, 2023 Purpose – This paper is trying to build an analysis framework that can work like IS-LM in Western economics. Regarding the methodology, the discussion is developed from the role of profit share rate and zakat of unemployed (uninvested) wealth ...
Munrokhim Misanam
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The Tripartite Regulation Game of Carbon Financial Products Based on the Prospect Theory
Frontiers in Environmental Science, 2020 Because of the high information asymmetry of carbon financial products (CFPs), financial institutions infringing on the rights of investors occurred worldwide. However, few studies focused on how to protect investors effectively.
Xiaoran Yu, Guanglong Dong, Changyu Liu
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Equilibrium Unemployment During Financial Crises [PDF]
, 2013 Financial crises in both emerging and developed economies have been characterized by large output drops and spikes in unemployment and interest rates. To account for these stylized facts this paper builds a business cycle model where financial and la- bor market frictions interact as occasionally binding borrowing constraints and search frictions.
Andrés Fernández Martín +1 more
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Financial Constraints, Competition and Hedging in Industry Equilibrium [PDF]
The Journal of Finance, 2004 We analyze the hedging decisions of firms, which take into account both the costs and the benefits of risk, in an equilibrium context. The equilibrium setting allows us to examine how a firm's hedging choice depends on the hedging choices of its competitors. We show that in equilibrium some firms hedge, while others do not, even though all firms are ex
Tim Adam +2 more
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Competitive equilibrium with incomplete financial markets [PDF]
Journal of Mathematical Economics, 2006 Abstarct This is my classic paper concerning existence and optimality in general financial equilibrium with incomplete financial markets, written in the spring of 1984 but only just now being published. The so-called Cass trick was first formulated and utilized in the analysis presented here.
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Financial Innovation in a General Equilibrium Model [PDF]
Journal of Economic Theory, 1995 zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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