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Monitored financial equilibria

delete2004-09-01
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PRE
AI
D
Dilip B. Madan *
DOI:10.1016/j.jbankfin.2003.09.001delete
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摘要

摘要

En 中文
The financial monitoring system is formalized as an economic primitive in addition to preferences, endowments, production sets and asset spans. New definitions of budget constraints and economic equilibria follow. The concept of a general equilibrium is then appropriately revised to accommodate this perspective on the role of a financial monitoring system. Implications for asset pricing are derived and the relationship of equilibria to risk management considerations is discussed. (C) 2003 Elsevier B.V. All rights reserved.
Keyword:
acceptable risks
general equilibrium
asset pricing

期刊

J
Journal of Banking and Finance
IF:
3.8
论文数:
6.4K
被引数:
2.4W

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