The Economics Of Risk And Time Mit Press Book PDF, EPUB Download & Read Online Free

The Economics of Risk and Time
Author: Christian Gollier
Publisher: MIT Press
ISBN: 0262572249
Pages: 445
Year: 2004
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Updates and advances the theory of expected utility as applied to risk analysis and financial decision making.
Economic and Financial Decisions under Risk
Author: Louis Eeckhoudt, Christian Gollier, Harris Schlesinger
Publisher: Princeton University Press
ISBN: 1400829216
Pages: 248
Year: 2011-10-30
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An understanding of risk and how to deal with it is an essential part of modern economics. Whether liability litigation for pharmaceutical firms or an individual's having insufficient wealth to retire, risk is something that can be recognized, quantified, analyzed, treated--and incorporated into our decision-making processes. This book represents a concise summary of basic multiperiod decision-making under risk. Its detailed coverage of a broad range of topics is ideally suited for use in advanced undergraduate and introductory graduate courses either as a self-contained text, or the introductory chapters combined with a selection of later chapters can represent core reading in courses on macroeconomics, insurance, portfolio choice, or asset pricing. The authors start with the fundamentals of risk measurement and risk aversion. They then apply these concepts to insurance decisions and portfolio choice in a one-period model. After examining these decisions in their one-period setting, they devote most of the book to a multiperiod context, which adds the long-term perspective most risk management analyses require. Each chapter concludes with a discussion of the relevant literature and a set of problems. The book presents a thoroughly accessible introduction to risk, bridging the gap between the traditionally separate economics and finance literatures.
The Economics of Continuous-Time Finance
Author: Bernard Dumas, Elisa Luciano
Publisher: MIT Press
ISBN: 0262036541
Pages: 640
Year: 2017-10-20
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This book introduces the economic applications of the theory of continuous-time finance, with the goal of enabling the construction of realistic models, particularly those involving incomplete markets. Indeed, most recent applications of continuous-time finance aim to capture the imperfections and dysfunctions of financial markets -- characteristics that became especially apparent during the market turmoil that started in 2008. The book begins by using discrete time to illustrate the basic mechanisms and introduce such notions as completeness, redundant pricing, and no arbitrage. It develops the continuous-time analog of those mechanisms and introduces the powerful tools of stochastic calculus. Going beyond other textbooks, the book then focuses on the study of markets in which some form of incompleteness, volatility, heterogeneity, friction, or behavioral subtlety arises. After presenting solutions methods for control problems and related partial differential equations, the text examines portfolio optimization and equilibrium in incomplete markets, interest rate and fixed-income modeling, and stochastic volatility. Finally, it presents models where investors form different beliefs or suffer frictions, form habits, or have recursive utilities, studying the effects not only on optimal portfolio choices but also on equilibrium, or the price of primitive securities. The book strikes a balance between mathematical rigor and the need for economic interpretation of financial market regularities, although with an emphasis on the latter.
Theory of Incomplete Markets
Author: Michael Magill, Martine Quinzii
Publisher: MIT Press
ISBN: 0262632543
Pages: 558
Year: 2002
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Theory of incompl. markets/M. Magill, M. Quinzii. - V.1.
Introduction to the Economics and Mathematics of Financial Markets
Author: Jakša Cvitanić, Fernando Zapatero
Publisher: MIT Press
ISBN: 0262033208
Pages: 494
Year: 2004
View: 295
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An innovative textbook for use in advanced undergraduate and graduate courses;accessible to students in financial mathematics, financial engineering and economics.
Mathematics for Economics
Author: Michael Hoy, John Livernois, Chris McKenna, Ray Rees, Thanasis Stengos
Publisher: MIT Press
ISBN: 026229480X
Pages: 976
Year: 2011-03-11
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This text offers a comprehensive presentation of the mathematics required to tackle problems in economic analyses. To give a better understanding of the mathematical concepts, the text follows the logic of the development of mathematics rather than that of an economics course. The only prerequisite is high school algebra, but the book goes on to cover all the mathematics needed for undergraduate economics. It is also a useful reference for graduate students. After a review of the fundamentals of sets, numbers, and functions, the book covers limits and continuity, the calculus of functions of one variable, linear algebra, multivariate calculus, and dynamics. To develop the student's problem-solving skills, the book works through a large number of examples and economic applications. This streamlined third edition offers an array of new and updated examples. Additionally, lengthier proofs and examples are provided on the book's website. The book and the web material are cross-referenced in the text. A student solutions manual is available, and instructors can access online instructor's material that includes solutions and PowerPoint slides. Visit http://mitpress.mit.edu/math_econ3 for complete details.
Managing Risk and Uncertainty
Author: Richard Friberg
Publisher: MIT Press
ISBN: 0262528193
Pages: 400
Year: 2015-11-20
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A comprehensive framework for assessing strategies for managing risk and uncertainty, integrating theory and practice and synthesizing insights from many fields.
Greening the Global Economy
Author: Robert Pollin
Publisher: MIT Press
ISBN: 0262028239
Pages: 176
Year: 2015-11-13
View: 409
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A program for building a global clean energy economy while expanding job opportunities and economic well-being.
Systemic Risk, Crises, and Macroprudential Regulation
Author: Xavier Freixas, Luc Laeven, José-Luis Peydró
Publisher: MIT Press
ISBN: 0262028697
Pages: 488
Year: 2015-06-26
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A framework for macroprudential regulation that defines systemic risk and macroprudential policy, describes macroprudential tools, and surveys the effectiveness of existing macroprudential regulation.
The Economics of Risk and Uncertainty
Author: Christian Gollier
Publisher: Edward Elgar Publishing
ISBN: 1786432749
Pages: 928
Year: 2018-07-27
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The compilation of ground-breaking papers contained in this collection offers a complete description of the evolution of knowledge in the economics of risk and time, from its early twentieth-century explorations to its current diversity of approaches. The papers focus first on the basic decisions under uncertainty, and then on asset pricing. They cover both classical expected utility approach and its non-expected utility generalizations, with applications to dynamic portfolio choices, insurance, risk sharing, and risk prevention. Prefaced by an original introduction from the editor, this collection will be valuable for scholars in finance and macroeconomics, particularly those with an interest in the modeling foundations of consumer and investor decisions under uncertainty.
The Empire of Value
Author: André Orléan, M. B. DeBevoise
Publisher: MIT Press
ISBN: 026202697X
Pages: 360
Year: 2014-06-06
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An argument that conceiving of economic value as a social force makes it possible to develop a new and more powerful theory of market behavior.
Insurance Economics
Author: Peter Zweifel, Roland Eisen
Publisher: Springer Science & Business Media
ISBN: 364220547X
Pages: 451
Year: 2012-02-24
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Presenting theoretical foundations and empirical research, this text introduces the reader to the core issues and analytical tools of insurance economics, examining in detail a host of key factors including supply and demand, regulation and social insurance.
Economie de L'incertain Et de L'information
Author: Jean-Jacques Laffont
Publisher: MIT Press
ISBN: 0262121360
Pages: 289
Year: 1989-01-01
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Discusses risk and economic uncertainty, the theory of contingent markets, model systems of incomplete markets, and the use of the stock market and insurance to share risk
Managing the Global Commons
Author: William D. Nordhaus
Publisher: Mit Press
ISBN: 0262140551
Pages: 213
Year: 1994
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Provides a detailed analysis of the DICE model (Dynamic Integrated model of Climate and the Economy) as well as an extensive analysis of the model's results.
Macro Markets
Author: Robert J. Shiller
Publisher: OUP Oxford
ISBN: 0191521655
Pages: 268
Year: 1994-04-07
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Macro Markets puts forward a unique and authoritative set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Our existing financial markets are seen as being inadequate in dealing with such risks and Professor Shiller suggests major new markets as solutions to the problem. Shiller argues that although some risks, such as natural disaster or temporary unemployment, are shared by society, most risks are borne by the individual and standards of living determined by luck. He investigates whether a new technology of markets could make risk-sharing possible, and shows how new contracts could be designed to hedge all manner of risks to the individual's living standards. He proposes new international markets for perpetual claims on national incomes, and on components and aggregates of national incomes, concluding that these markets may well dwarf our stock markets in their activity and significance. He also argues for new liquid international markets for residential and commercial property. Establishing such unprecedented new markets presents some important technical problems which Shiller attempts to solve with proposals for implementing futures markets on perpetual claims on incomes, and for the construction of index numbers for cash settlement of risk management contracts. These new markets could fundamentally alter and diminish international economic fluctuations, and reduce the inequality of incomes around the world.