Commission-revenue maximization in a general equilibrium model of asset creation.
Part of a special issue on financial innovation and security design. A general equilibrium model of endogenous asset formation is presented in which a monopolistic agent, called the designer, can create any types of assets and charge commissions as long as the total number of the types of assets is...
| Publicado en: | Journal of Economic Theory Vol. 65; pp. 258 - 299 |
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| Formato: | Artículo |
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Academic Press Inc.
February 1995
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512575926&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512575926 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220531 RTH jtl: Journal of Economic Theory issn: 00220531 maglogo: N pubinfo: dt: February 1995 vid: 65 pid: 735 pub: Academic Press Inc. artinfo: ui: 512575926 10.1006/jeth.1995.1010 ppf: 258 ppct: 41 formats: tig: atl: Commission-revenue maximization in a general equilibrium model of asset creation. aug: au: Hara, Chiaki su: Resource allocation -- Mathematical models Finance Mathematical models Innovations in business Securities Mathematical models of investments Economic equilibrium sug: subj: Resource allocation -- Mathematical models Finance Mathematical models Innovations in business Securities Mathematical models of investments Economic equilibrium ab: Part of a special issue on financial innovation and security design. A general equilibrium model of endogenous asset formation is presented in which a monopolistic agent, called the designer, can create any types of assets and charge commissions as long as the total number of the types of assets is not greater than some given constant. The notion of an abstract cone is introduced in order to give the precise meaning to the limit of a sequence of budget sets. An existence theorem for the case where the designer can create no more than two assets is presented. The first of the two reasons for nonexistence of a commission-revenue maximizer is provided, and a nonexistence example is given for the case where the designer can create four assets. In addition, a case where no upper bound is imposed on the numbers of types of assets but where the number of types is endogenously determined by the designer is examined. The second of the reasons for nonexistence is then explained. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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