• norsk
    • English
  • norsk 
    • norsk
    • English
  • Logg inn
Vis innførsel 
  •   Hjem
  • Norges Handelshøyskole
  • Department of Business and Management Science
  • Discussion papers (FOR)
  • Vis innførsel
  •   Hjem
  • Norges Handelshøyskole
  • Department of Business and Management Science
  • Discussion papers (FOR)
  • Vis innførsel
JavaScript is disabled for your browser. Some features of this site may not work without it.

Financial economics

Aase, Knut K.
Working paper
Thumbnail
Åpne
aase knut k 0103.pdf (455.7Kb)
Permanent lenke
http://hdl.handle.net/11250/164043
Utgivelsesdato
2003-01
Metadata
Vis full innførsel
Samlinger
  • Discussion papers (FOR) [509]
Sammendrag
We consider a one period (two time points-) model of efficient risk sharing, when the risk of possible sharing rules are constrained to be linear. This can be interpreted as a model of a market for common stocks. Here we study the properties of a competitive equilibrium in an incomplete market.

The lack of Pareto optimality is then the typical case. We do characterize, however, the situations where the competitive financial equilibrium is also Pareto optimal, and illustrate by examples.

Since the marketed subspace M is a closed, linear subspace of L2, we employ Hilbert space techniques in finding the first order conditions.

We conclude with a discussion of the different features of idiosyncratic risks in insurance, and risks in financial markets, where a common ground is suggested.
Utgiver
Norwegian School of Economics and Business Administration. Department of Finance and Management Science
Serie
Discussion paper
2003:1

Kontakt oss | Gi tilbakemelding

Personvernerklæring
DSpace software copyright © 2002-2019  DuraSpace

Levert av  Unit
 

 

Bla i

Hele arkivetDelarkiv og samlingerUtgivelsesdatoForfattereTitlerEmneordDokumenttyperTidsskrifterDenne samlingenUtgivelsesdatoForfattereTitlerEmneordDokumenttyperTidsskrifter

Min side

Logg inn

Statistikk

Besøksstatistikk

Kontakt oss | Gi tilbakemelding

Personvernerklæring
DSpace software copyright © 2002-2019  DuraSpace

Levert av  Unit