Finance and the Economics of Uncertainty explores the growing range of economic decisions that are conducted under uncertainty both on the personal level, as well as by large firms.
Analyzes the allocation of risk in the context of the current literature, as well as emphasizes the role of information in decisions and prices.
Includes end-of-chapter exercises that supply the necessary tools for a comprehensive understanding of the field.
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Book Description
Editorial Reviews
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"The authors discuss in a clear and motivated way some essential problems such as incompleteness, market viability or dissemination of information. Graduate students in economics will find this textbook a valuable supplement to the extensive literature on financial engineering." Christian Gourieroux, Center of Research in Economics and Statistics in France
"Given the explosive growth of the finance literature, even well-trained microeconomists may feel left behind. They should be grateful to Demange and Laroque for giving them such a clear and unified picture of how financial instruments allocate risk in the economy." Bernard Salanie, Columbia University
From the Back Cover
Economics and Finance of Uncertainty explores the growing range of economic decisions that are conducted under uncertainty both on the personal level – such as individual savings, insurance, portfolio choices – as well as by large firms, including insurance companies and stock exchanges, that utilize financial tools to facilitate the exchange of risks.
Presenting the basic principles and discussing them in a unified framework within elementary models, this text analyzes the allocation of risk in the context of the current literature, and emphasizes the role of information in decisions and prices. Including end-of-chapter exercises, this book provides students with a tool for understanding the theoretical analysis of decision-making under uncertainty, and its applications to the world of economics and finance.
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Inside This Book
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First Sentence:
Price fluctuations are a major source of risks. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
psychological discount rate, non financial income, spanning condition, net cash proceeds, risky resources, security payoffs, mutuality principle, spot curve, stochastic discount factor, one strict inequality, risky securities, scarcity constraints, redundant securities, convex envelope, interest rate curve, representative agent model, state prices, consumption profile, complete markets, stock market valuation, constant absolute risk aversion, risk free security, equilibrium allocation, sure income, arbitrage relationships Key Phrases - Capitalized Phrases (CAPs): (learn more)
Neumann Morgenstern, American Economic Review, Exercises Exercise, Journal of Economic Theory, Journal of Finance, Proof Let, New York, Proof of Theorem New!
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Front Cover | Table of Contents | First Pages | Index | Surprise Me!
Price fluctuations are a major source of risks. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
psychological discount rate, non financial income, spanning condition, net cash proceeds, risky resources, security payoffs, mutuality principle, spot curve, stochastic discount factor, one strict inequality, risky securities, scarcity constraints, redundant securities, convex envelope, interest rate curve, representative agent model, state prices, consumption profile, complete markets, stock market valuation, constant absolute risk aversion, risk free security, equilibrium allocation, sure income, arbitrage relationships Key Phrases - Capitalized Phrases (CAPs): (learn more)
Neumann Morgenstern, American Economic Review, Exercises Exercise, Journal of Economic Theory, Journal of Finance, Proof Let, New York, Proof of Theorem New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Index | Surprise Me!
Citations (learn more)
This book cites 13
books:
See all 13 books this book cites
- The Analytics of Uncertainty and Information (Cambridge Surveys of Economic Literature) by Jack Hirshleifer on page 104, and page 224
- Risk and Return in Finance by Friend I on page 61
- Decision Making: Its Logic and Practice by Byron M. Roth on page 104
- Finance and the Economics of Uncertainty by Gabrielle Demange in Front Matter
- Theory of Financial Decision Making by Jonathan E. Ingersoll on page 128
See all 13 books this book cites
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