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Author: Michael Magill
Publisher: MIT Press
ISBN: 9780262632546
Category : Business & Economics
Languages : en
Pages : 566
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Book Description
Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Author: Michael Magill
Publisher: MIT Press
ISBN: 9780262632546
Category : Business & Economics
Languages : en
Pages : 566
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Book Description
Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Author: Franklin Allen
Publisher: MIT Press
ISBN: 9780262011419
Category : Business & Economics
Languages : en
Pages : 398
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Book Description
Franklin Allen and Douglas Gale assemble some of their key papers along with a five-chapter overview that not only synthesizes their work but provides a historical and institutional review and a discussion of alternative approaches as well.
Author: Georges Dionne
Publisher: Springer Science & Business Media
ISBN: 0792392043
Category : Business & Economics
Languages : en
Pages : 748
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Book Description
Economic and financial research on insurance markets has undergone dramatic growth since its infancy in the early 1960s. Our main objective in compiling this volume was to achieve a wider dissemination of key papers in this literature. Their significance is highlighted in the introduction, which surveys major areas in insurance economics. While it was not possible to provide comprehensive coverage of insurance economics in this book, these readings provide an essential foundation to those who desire to conduct research and teach in the field. In particular, we hope that this compilation and our introduction will be useful to graduate students and to researchers in economics, finance, and insurance. Our criteria for selecting articles included significance, representativeness, pedagogical value, and our desire to include theoretical and empirical work. While the focus of the applied papers is on property-liability insurance, they illustrate issues, concepts, and methods that are applicable in many areas of insurance. The S. S. Huebner Foundation for Insurance Education at the University of Pennsylvania's Wharton School made this book possible by financing publication costs. We are grateful for this assistance and to J. David Cummins, Executive Director of the Foundation, for his efforts and helpful advice on the contents. We also wish to thank all of the authors and editors who provided permission to reprint articles and our respective institutions for technical and financial support.
Author: Bernhard Eckwert
Publisher: Academic Press
ISBN: 0128031913
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
The Economics of Screening and Risk Sharing in Higher Education explores advances in information technologies and in statistical and social sciences that have significantly improved the reliability of techniques for screening large populations. These advances are important for higher education worldwide because they affect many of the mechanisms commonly used for rationing the available supply of educational services. Using a single framework to study several independent questions, the authors provide a comprehensive theory in an empirically-driven field. Their answers to questions about funding structures for investments in higher education, students' attitudes towards risk, and the availability of arrangements for sharing individual talent risks are important for understanding the theoretical underpinnings of information and uncertainty on human capital formation. - Investigates conditions under which better screening leads to desirable outcomes such as higher human capital accumulation, less income inequality, and higher economic well-being. - Questions how the role of screening relates to the funding structure for investments in higher education and to the availability of risk sharing arrangements for individual talent risks. - Reveals government policies that are suited for controlling or counteracting detrimental side effects along the growth path.
Author: Mr.Zhaogang Qiao
Publisher: International Monetary Fund
ISBN: 1451982089
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
This paper estimates an empirical nonstationary panel regression model that tests long-run consumption risk sharing across a sample of OECD and emerging market (EM) countries. This is in contrast to the existing literature on consumption risk sharing, which is mainly about risks at business cycle frequency. Since our methodology focuses on identifying cointegrating relationships while allowing for arbitrary short-run dynamics, we can obtain a consistent estimate of long-run risk sharing while disregarding any short-run nuisance factors. Our results show that long-run risk sharing in OECD countries increased more than that in EM countries during the past two decades.
Author: John Y. Campbell
Publisher: Princeton University Press
ISBN: 0691160805
Category : Business & Economics
Languages : en
Pages : 476
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Book Description
From the field's leading authority, the most authoritative and comprehensive advanced-level textbook on asset pricing In Financial Decisions and Markets, John Campbell, one of the field’s most respected authorities, provides a broad graduate-level overview of asset pricing. He introduces students to leading theories of portfolio choice, their implications for asset prices, and empirical patterns of risk and return in financial markets. Campbell emphasizes the interplay of theory and evidence, as theorists respond to empirical puzzles by developing models with new testable implications. The book shows how models make predictions not only about asset prices but also about investors’ financial positions, and how they often draw on insights from behavioral economics. After a careful introduction to single-period models, Campbell develops multiperiod models with time-varying discount rates, reviews the leading approaches to consumption-based asset pricing, and integrates the study of equities and fixed-income securities. He discusses models with heterogeneous agents who use financial markets to share their risks, but also may speculate against one another on the basis of different beliefs or private information. Campbell takes a broad view of the field, linking asset pricing to related areas, including financial econometrics, household finance, and macroeconomics. The textbook works in discrete time throughout, and does not require stochastic calculus. Problems are provided at the end of each chapter to challenge students to develop their understanding of the main issues in financial economics. The most comprehensive and balanced textbook on asset pricing available, Financial Decisions and Markets is an essential resource for all graduate students and practitioners in finance and related fields. Integrated treatment of asset pricing theory and empirical evidence Emphasis on investors’ decisions Broad view linking the field to financial econometrics, household finance, and macroeconomics Topics treated in discrete time, with no requirement for stochastic calculus Solutions manual for problems available to professors
Author: Edwin Neave
Publisher: Routledge
ISBN: 1351334301
Category : Business & Economics
Languages : en
Pages : 269
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Book Description
Originally published in 1991, The Economic Organisation of a Financial System develops a descriptive theory of a financial system’s organisation and functions and applies the theory of organisational economics to the study of a financial system. The book attempts to reconcile neoclassical financial theory and managerial finance by synthesising the main findings of these studies within an institutional economics framework. The book helps to relate the complementary perspectives of current theory and current practice and aims to strengthen the relations between both theory and practice. The book’s contents provide a detailed illustration of how organisational economics can be put to work.
Author:
Publisher: John Wiley & Sons
ISBN: 0470035498
Category : Mathematics
Languages : en
Pages : 2163
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Book Description
Leading the way in this field, the Encyclopedia of Quantitative Risk Analysis and Assessment is the first publication to offer a modern, comprehensive and in-depth resource to the huge variety of disciplines involved. A truly international work, its coverage ranges across risk issues pertinent to life scientists, engineers, policy makers, healthcare professionals, the finance industry, the military and practising statisticians. Drawing on the expertise of world-renowned authors and editors in this field this title provides up-to-date material on drug safety, investment theory, public policy applications, transportation safety, public perception of risk, epidemiological risk, national defence and security, critical infrastructure, and program management. This major publication is easily accessible for all those involved in the field of risk assessment and analysis. For ease-of-use it is available in print and online.
Author: David A. Starrett
Publisher: Cambridge University Press
ISBN: 9780521348010
Category : Business & Economics
Languages : en
Pages : 336
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Book Description
Discusses the major theoretical foundations of modern public sector economics. Includes market failures encompassing externalities, pure public goods, local public goods and natural monopolies. Representative voting, benefit cost analysis, incentive compatible design mechanisms and the free market are points also covered. Special attention is paid to financial arrangements, techniques for eliciting necessary information and identification of biases that will result from incorrect procedures.
Author: Peter A. Diamond
Publisher: MIT Press
ISBN: 9780262541824
Category : Business & Economics
Languages : en
Pages : 188
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Book Description
An analysis of social security policy based on optimal tax theory.
