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Portfolio Choice in General Dynamic Equilibrium

In: The General Economic Theory

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  • Wei-Bin Zhang

    (Ritsumeikan Asia Pacific University)

Abstract

This chapter introduces issues related to portfolio choice and determination of assets prices into the general equilibrium dynamic model in Chap. 3 . Households of contemporary economies are characterized by holding many kinds of assets such as housing, land, stocks, precious metals, cashes in different currencies. The complexity of portfolio is constantly increased in globalizing economies. The mainstreams of formal economic growth theory still pay little attention to the complexity of portfolio choice. The Ramsey approach—the main approach to household behavior in contemporary economics—is not suitable for the problem and the Solow model does not have a microeconomic foundation for rational behavior of households. The general economic theory proposed in this book can effectively study portfolio choice.

Suggested Citation

  • Wei-Bin Zhang, 2020. "Portfolio Choice in General Dynamic Equilibrium," Springer Books, in: The General Economic Theory, chapter 0, pages 203-215, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-56204-5_10
    DOI: 10.1007/978-3-030-56204-5_10
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