'Complete markets' diaporamas de présentation

Overview

Overview. Efficiency Efficiency and competitive markets Efficiency in exchange Efficiency in production. Efficiency. We will use the criterion of Pareto efficiency Pareto efficient allocation : an allocation whereby no agent can be made better off without making someone worse off

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Stochastic Discount Factors

Stochastic Discount Factors. Chapter 4. Complete markets. Section 4.1.1. Arrow/Debreu securities. Fundamental asset pricing formula. Almost all of modern asset pricing can be written in this form. Risk neutral probabilities. Utility.

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547 views • 40 slides

Microfoundations of Financial Economics 2004-2005

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Discussion of Ruhm Arbitrage Paper

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Economic Natural Selection

292 views • 16 slides

Public Sector Economics

314 views • 15 slides

Key ingredients

245 views • 12 slides