haku: @indexterm FINANCIAL INNOVATION / yhteensä: 190
viite: 9 / 190
| Tekijä: | Bettzuge, M. O. Hens, T. |
| Otsikko: | An Evolutionary Approach to Financial Innovation |
| Lehti: | Review of Economic Studies
2001 : VOL. 68(3):236, p. 493-522 |
| Asiasana: | FINANCE FINANCIAL INNOVATION INNOVATION |
| Kieli: | eng |
| Tiivistelmä: | The purpose of this paper is to explain why some markets for financial products take off while others vanish as soon as they have emerged. To this end, the authors model an infinite sequence of CAPM-economies in which financial products can be used for insurance purposes. Agents' participation in these financial products, however, is restricted. Consecutive stage economies are linked by a mapping ("transition function") which determines the next period's participation structure from the preceding period's participation. The transition function generates a dynamic process of market participation which is driven by the percentage of informed traders and the rate at which a new asset is adopted. The authors then analyze the evolutionary stability of stationary equilibria. |
SCIMA