نتایج جستجو برای: economics equilibrium point
تعداد نتایج: 689341 فیلتر نتایج به سال:
For single–period complete financial asset markets with representative investors, we introduce a bull market measure for uncertain state occurrence and its associated ordering between representative investors in markets based on their marginal rate of substitution between equilibrium consumption allocations among possible states. These concepts combine and generalize the likelihood–ratio–domina...
Milton Friedman argued that irrational traders will consistently lose money, won’t survive and, therefore, cannot influence long run equilibrium asset prices. Since his work, survival and price impact have been assumed to be the same. In this paper, we demonstrate that survival and price impact are two independent concepts. The price impact of irrational traders does not rely on their long-run ...
This paper proposes a dynamic equilibrium model to study the implications of the complexity of financial securities for investor behavior, asset prices, and welfare. The key assumption is that, unlike fund managers, non-professional investors cannot directly observe complex securities’ payoffs. In equilibrium, fund managers overinvest in complex securities as these potentially allow them to inf...
The article offers a way to unite three recent developments in the field of motor control and coordination: (1) The notion of synergies is introduced based on the principle of motor abundance; (2) The uncontrolled manifold hypothesis is described as offering a computational framework to identify and quantify synergies; and (3) The equilibrium-point hypothesis is described for a single muscle, s...
This is an expository paper based on Border [1]. Starting from basic convexity results, I present a proof of the so-called Equilibrium Theorem, which states the existence of a free disposal equilibrium price vector in an Arrow-Debreu economy with a continuous excess demand function.
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