haku: @author Hens, T. / yhteensä: 5
viite: 3 / 5
Tekijä: | Bottazzi, J-M. Hens, T. Löffler, A. |
Otsikko: | Market demand functions in the capital asset pricing model |
Lehti: | Journal of Economic Theory
1998 : APR, VOL. 79:2, p. 192-206 |
Asiasana: | CAPITAL ASSETS PRICING MODELS MARKETS DEMAND |
Kieli: | eng |
Tiivistelmä: | In the paper, it is demonstrated that in a CAPM economy homogeneity, Walras' law, and the Tobin separation property characterize market demand on finite sets of prices. Consequently, for any number n there exist CAPM economies which have at least n equilibria and hence have n different beta pricing formulas. Endowment perturbations in these economies cannot decrease the number of equilibria below n. |
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