PrinciplesofFinancialEconomics英文学习资料.pdf

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1、PrinciplesofFinancialEconomicsStephenF.LeRoyUniversityofCalifornia,SantaBarbaraandJanWernerUniversityofMinnesota@March10,2000,StephenF.LeRoyandJanWernerContentsIEquilibriumandArbitrage11EquilibriuminSecurityMarkets31.1Introduction.........................................31.2SecurityMar

2、kets......................................31.3Agents...........................................51.4ConsumptionandPortfolioChoice............................61.5First-OrderConditions...................................61.6LeftandRightInversesofX...............................71.7GeneralE

3、quilibrium....................................81.8ExistenceandUniquenessofEquilibrium........................81.9RepresentativeAgentModels...............................92LinearPricing132.1Introduction.........................................132.2TheLawofOnePrice.......................

4、............132.3ThePayo®PricingFunctional...............................132.4LinearEquilibriumPricing................................142.5StatePricesinCompleteMarkets.............................152.6RecastingtheOptimizationProblem...........................163ArbitrageandPositivePric

5、ing213.1Introduction.........................................213.2ArbitrageandStrongArbitrage..............................213.3ADiagrammaticRepresentation.............................223.4PositivityofthePayo®PricingFunctional........................223.5PositiveStatePrices............

6、........................233.6ArbitrageandOptimalPortfolios.............................233.7PositiveEquilibriumPricing................................254PortfolioRestrictions294.1Introduction.........................................294.2ShortSalesRestrictions...........................

7、.......294.3PortfolioChoiceunderShortSalesRestrictions.....................304.4TheLawofOnePrice...................................314.5LimitedandUnlimitedArbitrage............................324.6DiagrammaticRepresentation...............................324.7Bid-AskSpreads...........