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No‐Trade Theorems, Competitive Asset Pricing, and Bubbles

Markus K. Brunnermeier

in Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding

Published in print:
2001
Published Online:
November 2003
ISBN:
9780198296980
eISBN:
9780191596025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296983.003.0002
Subject:
Economics and Finance, Financial Economics

Ch. 2 first exposes the reader to a more tractable notion of common knowledge and the intuition behind proofs of the different no‐trade theorems. The no‐trade theorems state the specific conditions ... More


Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding

Markus K. Brunnermeier

Published in print:
2001
Published Online:
November 2003
ISBN:
9780198296980
eISBN:
9780191596025
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198296983.001.0001
Subject:
Economics and Finance, Financial Economics

Asset prices are driven by public news and information that is dispersed among many market participants. Traditional asset pricing theories have assumed that all investors hold symmetric information. ... More


Information, Equilibrium, and Efficiency Concepts

Markus K. Brunnermeier

in Asset Pricing under Asymmetric Information: Bubbles, Crashes, Technical Analysis, and Herding

Published in print:
2001
Published Online:
November 2003
ISBN:
9780198296980
eISBN:
9780191596025
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296983.003.0001
Subject:
Economics and Finance, Financial Economics

Ch. 1 shows the reader how to model asymmetric information and knowledge in theoretical economics. It also introduces the concept of higher‐order knowledge. For the analysis of bubbles it is ... More


The Economic Theory of Systemic Risk

E. Philip Davis

in Debt, Financial Fragility, and Systemic Risk

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198233312
eISBN:
9780191596124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198233310.003.0006
Subject:
Economics and Finance, Financial Economics

Turning from financial fragility to systemic risk, the next two chapters seek to make an initial assessment of the causes, nature, and consequences of financial instability in contemporary financial ... More


Introduction

Jean‐Jacques Laffont

in Incentives and Political Economy

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199248681
eISBN:
9780191596575
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199248680.003.0001
Subject:
Economics and Finance, Microeconomics

The author traces the origins of incentives in the design of political institutions to the works of Adam Smith, the American Federalists, and R. Frisch. The Chicago View of interest group politics is ... More


Social Preferences, Public Policy, and Gender

Philipp Zahn and Evguenia Winschel

in Social Economics: Current and Emerging Avenues

Published in print:
2017
Published Online:
September 2017
ISBN:
9780262035651
eISBN:
9780262337915
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035651.003.0002
Subject:
Economics and Finance, History of Economic Thought

In most laboratory experiments concerning prosocial behavior subjects are fully informed how their decision influences the payoff of other players. Outside the laboratory, for instance when voting ... More


Exploitation

David Miller

in Market, State, and Community: Theoretical Foundations of Market Socialism

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198278641
eISBN:
9780191599903
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198278640.003.0008
Subject:
Political Science, Political Theory

How can exploitation—in the sense of taking advantage of other people—occur in market settings? Marx understood exploitation in terms of unilateral transfers of value. Steiner and Roemer understand ... More


The Lender–Borrower Relationship

Hans Degryse, Moshe Kim, and Steven Ongena

in Microeconometrics of Banking: Methods, Applications, and Results

Published in print:
2009
Published Online:
October 2011
ISBN:
9780195340471
eISBN:
9780199852406
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195340471.003.0004
Subject:
Economics and Finance, Microeconomics

This chapter defines the lender–borrower relationship and introduces methodologies duration, Tobit, count, nested multinomial logit, and heteroskedastic regression models. It summarizes the evidence ... More


Banking Theory and Banking Practice in Antebellum America

Howard Bodenhorn

in State Banking in Early America: A New Economic History

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195147766
eISBN:
9780199832910
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195147766.003.0003
Subject:
Economics and Finance, Economic History

Modern theories of financial intermediation begin from the premise that small, young firms, due to information asymmetries, will not have access to arm's length markets in bonds and commercial paper. ... More


Development Microeconomics

Pranab Bardhan and Christopher Udry

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198773719
eISBN:
9780191595929
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198773714.001.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

Development Microeconomics looks at a broad spectrum of topics in development economics, combining the strength of conventional developmental thought with the insights of contemporary ... More


Better Development Through Better Policy?: Development Aid's Challenges at the Collective-Choice Level

Clark C. Gibson

in The Samaritan's Dilemma: The Political Economy of Development Aid

Published in print:
2005
Published Online:
October 2005
ISBN:
9780199278855
eISBN:
9780191602863
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199278857.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter explores the obstacles and possibilities for development at the collective-choice level, and discusses the difficulties most likely to thwart efforts to solve collective-action ... More


Theories of Sharecropping

Nirvikar Singh

in The Economic Theory of Agrarian Institutions

Published in print:
1991
Published Online:
November 2003
ISBN:
9780198287629
eISBN:
9780191595912
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287623.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

Surveys the theoretical literature on the rationale of sharecropping, with special emphasis on the roles of risk‐sharing, incentive provision, wealth constraints, and screening in an environment of ... More


The practice of public intervention

Alan Peacock and Ilde Rizzo

in The Heritage Game: Economics, Policy, and Practice

Published in print:
2008
Published Online:
May 2008
ISBN:
9780199213177
eISBN:
9780191707124
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199213177.003.0008
Subject:
Economics and Finance, Public and Welfare

Public intervention to promote heritage services is usually justified by assuming that the market fails to provide some ‘optimum’ level of provision. As argued in Chapter 2, even meeting the ... More


The Analysis of Competition in Banking: Theory and Empirics

Xavier Vives

in Competition and Stability in Banking: The Role of Regulation and Competition Policy

Published in print:
2016
Published Online:
January 2018
ISBN:
9780691171791
eISBN:
9781400880904
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691171791.003.0004
Subject:
Business and Management, Finance, Accounting, and Banking

This chapter presents the core analysis of competition in the banking sector based on the industrial organization (IO) approach. It examines both theoretical and empirical aspects as well as at the ... More


Information, Labour Migration, and Occupation

Rajat Acharyya and Saibal Kar

in International Trade and Economic Development

Published in print:
2014
Published Online:
September 2014
ISBN:
9780199672851
eISBN:
9780191783081
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199672851.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental, Macro- and Monetary Economics

It would be erroneous to conceive that the positive effects of international trade and factor mobility are contained within the boundaries of the developing countries. An important issue that is ... More


Trade Size and Market Depth

Thierry Foucault, Marco Pagano, and Ailsa Röell

in Market Liquidity: Theory, Evidence, and Policy

Published in print:
2013
Published Online:
September 2013
ISBN:
9780199936243
eISBN:
9780199333059
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199936243.003.0005
Subject:
Economics and Finance, Financial Economics

This chapter provides a framework for analyzing the determinants of market depth (i.e., how and why transaction prices react to order size). Market depth depends on three of the factors that affect ... More


Market Objectivity

André Orléan

in The Empire of Value: A New Foundation for Economics

Published in print:
2014
Published Online:
January 2015
ISBN:
9780262026970
eISBN:
9780262323901
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262026970.003.0003
Subject:
Economics and Finance, Financial Economics

Neoclassical theory proceeds from an analysis of individual preferences, a set of objective facts about which economics has nothing to say. From this arises the doctrine of the utilitarian ... More


New England: Small Banks and Familial Ties

Howard Bodenhorn

in State Banking in Early America: A New Economic History

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195147766
eISBN:
9780199832910
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195147766.003.0004
Subject:
Economics and Finance, Economic History

New England banks were smaller than banks in other regions of the United States and they were more likely to be run by families. The region's banks were not impersonal dispensers of credit in ... More


The Age of Revolution, 1789–1914: The Case of the American Civil War and the Economics of Information Asymmetry

in Castles, Battles, & Bombs: How Economics Explains Military History

Published in print:
2008
Published Online:
March 2013
ISBN:
9780226071633
eISBN:
9780226071657
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226071657.003.0005
Subject:
History, Military History

Italian city-states attempted to overcome hidden action problems that came from contracts with condottieri. The theory of asymmetric information, at least the economic part of it, provides a rich ... More


Prudential Supervision: Why Is It Important and What Are the Issues?

Frederic S. Mishkin

in Prudential Supervision: What Works and What Doesn't

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226531885
eISBN:
9780226531939
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226531939.003.0001
Subject:
Economics and Finance, Financial Economics

Prudential supervision, broadly construed, involves government regulation and monitoring of the banking system to ensure its safety and soundness. This chapter addresses the following questions: Why ... More


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