Author: Sergio Turner
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Financial innovation in an existing asset generically supports a Pareto improvement, targeting the income effect. This result, as several on taxation, owes to one unifying notion: that an intervention generically supports Pareto improvements if the implied price adjustment is sufficiently sensitive to the economy's risk aversion. Elul (1995) and Cass and Citanna (1998) introduce financial innovation in a new unwanted asset, targeting the substitution effect. Our result requires an initial position of greater asset completeness, but not the addition of a new asset market. The existence argument relies on recent developments in demand theory with incomplete markets.
Pareto Improving Financial Innovation in Incomplete Markets
Author: Sergio Turner
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Financial innovation in an existing asset generically supports a Pareto improvement, targeting the income effect. This result, as several on taxation, owes to one unifying notion: that an intervention generically supports Pareto improvements if the implied price adjustment is sufficiently sensitive to the economy's risk aversion. Elul (1995) and Cass and Citanna (1998) introduce financial innovation in a new unwanted asset, targeting the substitution effect. Our result requires an initial position of greater asset completeness, but not the addition of a new asset market. The existence argument relies on recent developments in demand theory with incomplete markets.
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Financial innovation in an existing asset generically supports a Pareto improvement, targeting the income effect. This result, as several on taxation, owes to one unifying notion: that an intervention generically supports Pareto improvements if the implied price adjustment is sufficiently sensitive to the economy's risk aversion. Elul (1995) and Cass and Citanna (1998) introduce financial innovation in a new unwanted asset, targeting the substitution effect. Our result requires an initial position of greater asset completeness, but not the addition of a new asset market. The existence argument relies on recent developments in demand theory with incomplete markets.
Pareto Improving Financial Innovation in Incomplete Markets
Author: David Cass
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 34
Book Description
Pareto Improving Financial Innovation in Incomplete Markets
Author: David Cass
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
On Generic Pareto Improvement in Competitive Economies with Incomplete Asset Structures
Author: Alessandro Citanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 38
Book Description
Financial Innovation and Expectations
Author: Alessandro Citanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 30
Book Description
Pareto Improving Price Regulation when the Asset Market is Incomplete
Author: Peter Jan Jacob Herings
Publisher:
ISBN:
Category : Price regulation
Languages : en
Pages : 0
Book Description
Publisher:
ISBN:
Category : Price regulation
Languages : en
Pages : 0
Book Description
Essays on Incomplete Financial Markets
Author: Alessandro Citanna
Publisher:
ISBN:
Category :
Languages : en
Pages : 260
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 260
Book Description
Differential Topology and General Equilibrium with Complete and Incomplete Markets
Author: Antonio Villanacci
Publisher: Springer Science & Business Media
ISBN: 1475736193
Category : Mathematics
Languages : en
Pages : 495
Book Description
General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .
Publisher: Springer Science & Business Media
ISBN: 1475736193
Category : Mathematics
Languages : en
Pages : 495
Book Description
General equilibrium In this book we try to cope with the challenging task of reviewing the so called general equilibrium model and of discussing one specific aspect of the approach underlying it, namely, market completeness. With the denomination "general equilibrium" (from now on in short GE) we shall mainly refer to two different things. On one hand, in particular when using the expression "GE approach", we shall refer to a long established methodolog ical tradition in building and developing economic models, which includes, as of today, an enormous amount of contributions, ranging in number by several 1 thousands • On the other hand, in particular when using the expression "stan dard differentiable GE model", we refer to a very specific version of economic model of exchange and production, to be presented in Chapters 8 and 9, and to be modified in Chapters 10 to 15. Such a version is certainly formulated within the GE approach, but it is generated by making several quite restrictive 2 assumptions • Even to list and review very shortly all the collective work which can be ascribed to the GE approach would be a formidable task for several coauthors in a lifetime perspective. The book instead intends to address just a single issue. Before providing an illustration of its main topic, we feel the obligation to say a word on the controversial character of GE. First of all, we should say that we identify the GE approach as being based 3 on three principles .
Co-operation and Timing
Author: Stephen E. Morris
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 18
Book Description
The Collected Scientific Work of David Cass
Author: Stephen E. Spear
Publisher: Emerald Group Publishing
ISBN: 0857246453
Category : Business & Economics
Languages : en
Pages : 413
Book Description
Covers the period from the middle 1980's through the end of David Cass' life in 2008.
Publisher: Emerald Group Publishing
ISBN: 0857246453
Category : Business & Economics
Languages : en
Pages : 413
Book Description
Covers the period from the middle 1980's through the end of David Cass' life in 2008.