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The Determination of Equity Prices

Hendrik S. Houthakker and Peter J. Williamson

in The Economics of Financial Markets

Published in print:
1996
Published Online:
November 2003
ISBN:
9780195044072
eISBN:
9780199832958
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019504407X.003.0006
Subject:
Economics and Finance, Financial Economics

Drawing on Chs. 4 and 5 (which discuss the supply and demand for securities separately), this chapter investigates whether economics has anything helpful to say about the prices of shares and related ... More


The True Index

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0014
Subject:
Economics and Finance, Microeconomics

This is the second of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. It discusses the price index, which is associated with ... More


Barrier Options

Tomas Björk

in Arbitrage Theory in Continuous Time

Published in print:
2004
Published Online:
October 2005
ISBN:
9780199271269
eISBN:
9780191602849
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271267.003.0018
Subject:
Economics and Finance, Financial Economics

This chapter presents a systematic overview of the pricing theory for financial derivatives, which are, in some sense, connected to the extremal values of the underlying price process. It focuses on ... More


Fisher and Byushgens

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0015
Subject:
Economics and Finance, Microeconomics

This is the third of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. Together with the next two chapters, it discusses ... More


Wald's ‘New Formula’

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0017
Subject:
Economics and Finance, Microeconomics

This is the last of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. Together with the previous two chapters, it discusses ... More


The Four‐Point Formula

S. N. Afriat

in Logic of Choice and Economic Theory

Published in print:
1987
Published Online:
November 2003
ISBN:
9780198284611
eISBN:
9780191595844
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284616.003.0016
Subject:
Economics and Finance, Microeconomics

This is the fourth of five chapters about the cost of living problem and price indices, a typical area for what is understood as choice theory. Together with the previous and next chapters it ... More


Justice as an Option

Robert Meister

in Justice Is an Option: A Democratic Theory of Finance for the Twenty-First Century

Published in print:
2021
Published Online:
January 2022
ISBN:
9780226702889
eISBN:
9780226734514
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226734514.003.0006
Subject:
Political Science, Political Theory

Since the Great Recession financial macroeconomists have argued that the US government should have supported the liquidity of accumulated capital, but that standard options theory can be used to ... More


Factor Models

Claus Munk

in Financial Asset Pricing Theory

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199585496
eISBN:
9780191751790
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199585496.003.0010
Subject:
Economics and Finance, Econometrics

The consumption-based asset pricing models are elegant, but tests and applications suffer from the questionable quality of the available consumption data, and at least some of these models are ... More


Valuing Public Policies

Anthony M. Bertelli and Peter John

in Public Policy Investment: Priority-Setting and Conditional Representation In British Statecraft

Published in print:
2013
Published Online:
January 2014
ISBN:
9780199663972
eISBN:
9780191755996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199663972.003.0005
Subject:
Political Science, Comparative Politics

The theoretical mechanism by which the public attributes value to the attention of politicians to public policy topics is the subject of this chapter. Drawing on asset pricing theory from the ... More


Financial Knowledge and the Science of the Market

Alex Preda

in Framing Finance: The Boundaries of Markets and Modern Capitalism

Published in print:
2009
Published Online:
February 2013
ISBN:
9780226679310
eISBN:
9780226679334
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226679334.003.0004
Subject:
Sociology, Culture

This chapter examines the emergence and consequences of a vernacular “science of financial investments.” While many eighteenth-century writers saw financial knowledge as devilish and destructive ... More


Milton Friedman and George J. Stigler: Early Interactions and Connections

J. Daniel Hammond

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0036
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

This chapter examines the scholarly work and personal communications between Milton Friedman and George Stigler on price theory and methodology in the early years of their careers. Friedman and ... More


The Liquidity Approach to Financial Crises1

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter focuses sharply on liquid assets, and is the heart of the book. It distinguishes between intrinsic and extrinsic liquidity, centering on the latter. Extrinsic liquidity may break down on ... More


Monetary Policy: Dealing with Fiscal Constraints and External Price Shocks

Juan Antonio Morales and Paul Reding

in Monetary Policy in Low Financial Development Countries

Published in print:
2021
Published Online:
August 2021
ISBN:
9780198854715
eISBN:
9780191888915
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198854715.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

The chapter explores two significant challenges faced by central banks in LFDCs: fiscal dominance and external shocks. Monetary policy can be dominated by governments that rely on seigniorage ... More


Asset Pricing and Portfolio Choice Theory

Kerry E. Back

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.001.0001
Subject:
Economics and Finance, Financial Economics

This book is intended as a textbook for asset pricing theory courses at the Ph.D. or Masters in Quantitative Finance level and as a reference for financial researchers. The first two parts of the ... More


Friedman and Viner

Douglas A. Irwin

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0040
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

When Friedman came to the University of Chicago as a graduate student in 1932, Jacob Viner was perhaps the foremost economist on the faculty. Friedman took Viner’s famous price theory class, which ... More


McCloskey at Chicago

Steven E. Landsburg

in Humanism Challenges Materialism in Economics and Economic History

Published in print:
2017
Published Online:
September 2017
ISBN:
9780226429588
eISBN:
9780226429618
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226429618.003.0011
Subject:
Economics and Finance, Economic History

In the 1970s, McCloskey trained a generation of graduate students in the way of thinking that has come to be known as "Chicago price theory". McCloskey's mastery of the subject, extraordinary ... More


Factor Models

Kerry E. Back

in Asset Pricing and Portfolio Choice Theory

Published in print:
2017
Published Online:
May 2017
ISBN:
9780190241148
eISBN:
9780190241179
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780190241148.003.0006
Subject:
Economics and Finance, Financial Economics

The CAPM and factor models in general are explained. Factors can be replaced by the returns or excess returns that are maximally correlated (the projections of the factors). A factor model is ... More


Milton Friedman as Teacher and Scholar

Robert E. Lucas

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0002
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

This chapter contains personal memories of Milton Friedman’s teaching as part of the Chicago PhD program in the academic year 1960 and 1961, supplemented by textbook assignments and some of his ... More


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