Overview

The purpose of General Equilibrium Foundations of Finance is to give a sound economic foundation of finance based on the general equilibrium model with incomplete markets which embodies the famous CAPM as an important special case. This goal is achieved by giving reasonable restrictions on the agents' characteristics that lead to a well determined financial markets model having a unique competitive equilibrium. The innovation of this book is to transfer and to extend the theoretical results on the structure of competitive equilibria into the modern context of incomplete financial markets. General Equilibrium Foundations of Finance should be easily accessible by advanced Ph.D. students as well as by theorists of any subfield of mathematical economics. It should be interesting both for theorists who are looking for possible applications of rigorous theorizing as well as for practitioners who seek for a theoretical foundation of fruitful applications of financial markets' models.

Full Product Details

Author:   Thorsten Hens ,  Beate Pilgrim
Publisher:   Springer-Verlag New York Inc.
Imprint:   Springer-Verlag New York Inc.
Edition:   Softcover reprint of hardcover 1st ed. 2003
Volume:   33
Dimensions:   Width: 15.50cm , Height: 1.70cm , Length: 23.50cm
Weight:   0.510kg
ISBN:  

9781441953339

ISBN 10:   1441953337
Pages:   299
Publication Date:   07 December 2010
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock  
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Table of Contents

I The General Equilibrium Model with Incomplete Markets.- 1. The Model and Some Fundamentals.- 2. Existence of Equilibria.- 3. Structure of GEI-Excess Demand.- 4. The Index-Theorem.- 5. Uniqueness in the Arrow-Debreu Model.- 6. Uniqueness in the Finance GEI-Model.- II The Capital Asset Pricing Model.- 7. The Model and Some Fundamentals.- 8. Existence of Equilibria.- 9. Market Demand Functions in the CAPM.- 10. Uniqueness of Equilibria in the CAPM.- Appendices.- Mathematics.- Assumptions.- Main Results.

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Author Information

Thorsten Hens, Ph.D. University of Bonn, is professor for financial economics at the institute for empirical research in economics at the University of Zurich. He has held positions in Bielefeld, Paris and Stanford and is currently also an adjunct professor at the Finance Department of the Norwegian Business School, NHH, in Bergen. Beate Pilgrim, Ph.D. University of Bielefeld, is currently working for Reuters AG, Frankfurt.

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