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General Equilibrium

In: Advanced Finance Theories

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  • Ser-Huang Poon

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…

Suggested Citation

  • Ser-Huang Poon, 2018. "General Equilibrium," World Scientific Book Chapters, in: Advanced Finance Theories, chapter 9, pages 129-139, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814460385_0009
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    More about this item

    Keywords

    Intertemporal Portfolio Selection; Capital Structure; General Equilibrium; Spanning; Mutual Fund Theorem; Jumps; Incomplete Markets;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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