Dissertation/Thesis Abstract

Conic economics
by Raissi, Maziar, Ph.D., University of Maryland, College Park, 2016, 113; 10240052
Abstract (Summary)

Modern general equilibria under uncertainty are modeled based on the recognition that all risks cannot be eliminated, perfect hedging is not possible, and some risk exposures must be tolerated. Therefore, we need to define the set of acceptable risks as a primitive of the financial economy. This set will be a cone, hence the word conic. Such a conic perspective challenges classical economics by introducing finance into the economic models and enables us to rewrite major chapters of classical micro- and macro-economics textbooks.

Indexing (document details)
Advisor: Madan, Dilip
Commitee: Filiz-Ozbay, Emel, Loewenstein, Mark, Slud, Eric, Stevens, Luminita
School: University of Maryland, College Park
Department: Applied Mathematics and Scientific Computation
School Location: United States -- Maryland
Source: DAI-A 78/06(E), Dissertation Abstracts International
Subjects: Applied Mathematics, Economics, Finance
Keywords: Asset pricing, Equity premium puzzle, Financial crisis, General equilibrium, Real business cycle model, Uncertainty aversion
Publication Number: 10240052
ISBN: 978-1-369-53699-7
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