On the Equity Premium in Exchange And Production Economies
On the Equity Premium in Exchange And Production Economies
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In our eReader you can find the full English version of the book. Read On the Equity Premium in Exchange And Production Economies Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book On the Equity Premium in Exchange And Production Economies
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, Cf, ) be a joint equilibrium process on asset prices and consumption. A necessary condition for equilibrium is that the asset prices a^ be consistent with c^, the optimal consumption for the household with preferences 9^. Thus, if (a^, c^) is an equilibrium then ao - g(cQ, 0. Where g is defined by the first-order necessary conditions for household maximization. This functional relation must hold for all equilibria, regardless of whether they are for a pure exchange or a production economy.
Le...t (a„, c^) be an equilibrium for some economy (^n.^f)) with t„ e P. Consider the pure exchange economy with 6 ■, - 6 n^ and t, ~ Cq. Our contention is that (a^, c^) is a joint equilibrium process for asset prices and consumption for the pure exchange economy {6, t, ). For all pure exchange economies, the equilibrium consumption process is r, so c, = t, - Cq, given more is preferred Co less. If Cj^ is the equilibrium process, the corresponding asset price must be g(cQ, 6, ). But 8, - 6^ so g(cQ, ^, ) - gCc^.^j.
What to read after On the Equity Premium in Exchange And Production Economies?
You can find similar books in the "Read Also" column, or choose other free books by Rajnish Mehra to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
, Cf, ) be a joint equilibrium process on asset prices and consumption. A necessary condition for equilibrium is that the asset prices a^ be consistent with c^, the optimal consumption for the household with preferences 9^. Thus, if (a^, c^) is an equilibrium then ao - g(cQ, 0. Where g is defined by the first-order necessary conditions for household maximization. This functional relation must hold for all equilibria, regardless of whether they are for a pure exchange or a production economy.
Le...t (a„, c^) be an equilibrium for some economy (^n.^f)) with t„ e P. Consider the pure exchange economy with 6 ■, - 6 n^ and t, ~ Cq. Our contention is that (a^, c^) is a joint equilibrium process for asset prices and consumption for the pure exchange economy {6, t, ). For all pure exchange economies, the equilibrium consumption process is r, so c, = t, - Cq, given more is preferred Co less. If Cj^ is the equilibrium process, the corresponding asset price must be g(cQ, 6, ). But 8, - 6^ so g(cQ, ^, ) - gCc^.^j.
What to read after On the Equity Premium in Exchange And Production Economies?
You can find similar books in the "Read Also" column, or choose other free books by Rajnish Mehra to read onlineMoreLess
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