Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance 2025 pdf epub mobi 電子書 下載

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Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance pdf epub mobi 著者簡介

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Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance pdf epub mobi 圖書描述

This book considers the impact of incomplete information and heterogeneous beliefs on investor's optimal portfolio and consumption behavior and equilibrium asset prices. After a brief review of the existing incomplete information literature, the effect of incomplete information on investors' exptected utility, risky asset prices, and interest rates is described. It is demonstrated that increasing the quality of investors' information need not increase their expected utility and the prices of risky assets. The impact of heterogeneous beliefs on investors' portfolio and consumption behavior and equilibrium asset prices is shown to be non-trivial. Heterogeneous beliefs can explain a number of observed phenomena, such as the fact that equilibrium state-price densities are not log-normal, the "smile" in option implied volatility, and the patterns of implied risk aversion reported recently in the literature. It is also demonstrated that financial markets in general do not aggregate information efficiently, a fact that can explain the equity premium puzzle.

Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance 2025 pdf epub mobi 電子書 下載

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Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance pdf epub mobi 圖書目錄

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發表於2025-01-07

Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance 2025 pdf epub mobi 電子書 下載

Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance 2025 pdf epub mobi 電子書 下載

Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance 2025 pdf epub mobi 電子書 下載

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圖書標籤: 金融  未電  2010   

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Incomplete Information and Heterogeneous Beliefs in Continuous-time Finance 2025 pdf epub mobi 電子書 下載

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