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.
|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|
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