Asset pricing and the role of money in an intergenerational economy

Article Abstract:

The robustness of money-in-the-utility function (MIUF) models is tested using equilibrium stock prices under different modelling conventions. Results show that MIUF model conclusions depend on the way the specification of nominal balances argue the way utility of money is parametrized, signifying that MIUF models are nonrobust under certain circumstances. Particularly, protection against inflation provided by common stocks depend on the liquidity services of money is characterized in the individual preferences.

Evaluation, Robust statistics, Robustness (Statistics)

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The risk and price volatility of stock options in general equilibrium

Article Abstract:

Previous studies have shown that investor preferences have no direct impact on the relationship between the prices of primary and derivative assets. However, a stock options valuation model not based on the no-arbitrage principle revealed that investor preferences do influence stock valuations. Moreover, the results suggested that the introduction of heterogeneous agents will further improve the relationship between option prices and investor characteristics.

Models, Economic aspects, Stocks, Stock options

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Would economic democracy decrease the amount of public bads? A comment

Article Abstract:

The validity of John Roemer's argument regarding the effect of income democratization on the lowering of the level of public bads is studied. Roemer proposes that the argument is valid despite the rapid drop of marginal utility of income together with income. A utility function that incorporates public bad demands of the poor, the middle class and the rich is created to measure the required rapidity.

Income distribution

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