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Asymptotic Inefficiency of Incomplete Asset Markets and Symmetric Event Trees

Asymptotic Inefficiency of Incomplete Asset Markets and Symmetric Event Trees
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摘要 Demonstrating theoretically the possibility that the financial market, albeit incomplete, has equilibrium and that this equilibrium is efficient and has been an important topic at the frontier of the research on general equilibrium for financial markets. The paper examines the asymptotic properties of incomplete financial markets taking into accounting the asset structure. The paper deals with a case in which a structure of securities relates to the asymptotic inefficiency.
出处 《Chinese Business Review》 2016年第6期296-304,共9页 中国经济评论(英文版)
关键词 asymptotic inefficiency incomplete market general equilibrium with financial assets event tree 金融市场 资产结构 不完全 事件树 对称 渐近性质
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