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Author: Sanford J. Grossman
Publisher: MIT Press (MA)
ISBN: 9780262572149
Category : Business & Economics
Languages : en
Pages : 218
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Book Description
A uniform framework for understanding how prices convey information in securities markets.
Author: Sanford J. Grossman
Publisher: MIT Press (MA)
ISBN: 9780262572149
Category : Business & Economics
Languages : en
Pages : 218
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Book Description
A uniform framework for understanding how prices convey information in securities markets.
Author: Esteban F. Thomsen
Publisher: Routledge
ISBN: 113491556X
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
Author: Xavier Vives
Publisher: Princeton University Press
ISBN: 140082950X
Category : Business & Economics
Languages : en
Pages : 422
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Book Description
The ways financial analysts, traders, and other specialists use information and learn from each other are of fundamental importance to understanding how markets work and prices are set. This graduate-level textbook analyzes how markets aggregate information and examines the impacts of specific market arrangements--or microstructure--on the aggregation process and overall performance of financial markets. Xavier Vives bridges the gap between the two primary views of markets--informational efficiency and herding--and uses a coherent game-theoretic framework to bring together the latest results from the rational expectations and herding literatures. Vives emphasizes the consequences of market interaction and social learning for informational and economic efficiency. He looks closely at information aggregation mechanisms, progressing from simple to complex environments: from static to dynamic models; from competitive to strategic agents; and from simple market strategies such as noncontingent orders or quantities to complex ones like price contingent orders or demand schedules. Vives finds that contending theories like informational efficiency and herding build on the same principles of Bayesian decision making and that "irrational" agents are not needed to explain herding behavior, booms, and crashes. As this book shows, the microstructure of a market is the crucial factor in the informational efficiency of prices. Provides the most complete analysis of the ways markets aggregate information Bridges the gap between the rational expectations and herding literatures Includes exercises with solutions Serves both as a graduate textbook and a resource for researchers, including financial analysts
Author: William N. Butos
Publisher: Emerald Group Publishing
ISBN: 1849509751
Category : Business & Economics
Languages : en
Pages : 414
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Book Description
Examines the relevance and significance of Hayek's cognitive psychology for economics and social science.
Author: Antonio Mele
Publisher: MIT Press
ISBN: 0262046849
Category : Business & Economics
Languages : en
Pages : 1147
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Book Description
A comprehensive reference for financial economics, balancing theoretical explanations, empirical evidence, and the practical relevance of knowledge in the field. This volume offers a comprehensive, integrated treatment of financial economics, tracking the major milestones in the field and providing methodological tools. Doing so, it balances theoretical explanations, empirical evidence, and practical relevance. It illustrates nearly a century of theoretical advances with a vast array of models, showing how real phenomena (and, at times, market practice) have helped economists reformulate existing theories. Throughout, the book offers examples and solved problems that help readers understand the main lessons conveyed by the models analyzed. The book provides a unique and authoritative reference for the field of financial economics. Part I offers the foundations of the field, introducing asset evaluation, information problems in asset markets and corporate finance, and methods of statistical inference. Part II explains the main empirical facts and the challenges these pose for financial economists, which include excess price volatility, market liquidity, market dysfunctionalities, and the countercyclical behavior of market volatility. Part III covers the main instruments that protect institutions against the volatilities and uncertainties of capital markets described in part II. Doing so, it relies on models that have become the market standard, and incorporates practices that emerged from the 2007–2008 financial crisis.
Author: Robert J. Shiller
Publisher: Princeton University Press
ISBN: 0691120110
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
In this compelling and important new book, the author of the bestselling "Irrational Exuberance" presents a fresh vision for hedging risk and securing our economic future.
Author: Maureen O'Hara
Publisher: John Wiley & Sons
ISBN: 0631207619
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.
Author: Matthew Bernhard
Publisher: Springer Nature
ISBN: 3662639580
Category : Computers
Languages : en
Pages : 630
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Book Description
This book constitutes the refereed proceedings of four workshops held at the 25th International Conference on Financial Cryptography and Data Security, FC 2021, held virtually, in March 2021. The workshops are as follows: CoDecFin: The Second Workshop on Coordination of Decentralized Finance DeFi 2021 : First Workshop on Decentralized Finance VOTING 2021: Sixth Workshop on Advances in Secure Electronic Voting WTSC 2021: Fifth Workshop on Trusted Smart Contracts
Author: Edward L. Glaeser
Publisher: University of Chicago Press
ISBN: 022644368X
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
The past three decades have been characterized by vast change and crises in global financial markets—and not in politically unstable countries but in the heart of the developed world, from the Great Recession in the United States to the banking crises in Japan and the Eurozone. As we try to make sense of what caused these crises and how we might reduce risk factors and prevent recurrence, the fields of finance and economics have also seen vast change, as scholars and researchers have advanced their thinking to better respond to the recent crises. A momentous collection of the best recent scholarship, After the Flood illustrates both the scope of the crises’ impact on our understanding of global financial markets and the innovative processes whereby scholars have adapted their research to gain a greater understanding of them. Among the contributors are José Scheinkman and Lars Peter Hansen, who bring up to date decades of collaborative research on the mechanisms that tie financial markets to the broader economy; Patrick Bolton, who argues that limiting bankers’ pay may be more effective than limiting the activities they can undertake; Edward Glaeser and Bruce Sacerdote, who study the social dynamics of markets; and E. Glen Weyl, who argues that economists are influenced by the incentives their consulting opportunities create.
Author: Ingrid H. Rima
Publisher: Routledge
ISBN: 1315490927
Category : Business & Economics
Languages : en
Pages : 297
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Book Description
First Published in 1991. The undertakings within this book are testimony to the professional legacy Joan Robinson left behind. The contributors discuss her irreverence for established theory, her seemingly unquenchable zest for intellectual argument, doggedly pursued on the conviction that she was at least morally right, the sharpness of her wit, along with her occasionally unconventional mode of dress and her enjoyment of nature. This includes a biographical memoir and concludes with a bibliography of the writings of Robinson.
