General Equilibrium

Ser-Huang Poon

Chapter 9 in Advanced Finance Theories, 2018, pp 129-139 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Merton (1990, Chapter 11) shows how, on the demand side given the asset price and interest rate dynamics, the individuals in their separate pursuance of maximising utility from wealth and consumption, interact with the supply side of securities and firms to reach market equilibrium. In a simplified setting, the Capital Market Line, the Security Market Line and the Capital Asset Pricing Model are the natural outcomes when markets clear…

Keywords: Intertemporal Portfolio Selection; Capital Structure; General Equilibrium; Spanning; Mutual Fund Theorem; Jumps; Incomplete Markets (search for similar items in EconPapers)
JEL-codes: G30 (search for similar items in EconPapers)
Date: 2018
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