LEADER 00000cam  2200541Mi 4500 
001    851745870 
003    OCoLC 
005    20140411012247.0 
006    m     o  d         
007    cr mnu---uuaaa 
008    121116s2003    gw      o     000 0 eng   
020    9783540247555 (electronic bk.) 
020    3540247556 (electronic bk.) 
035    (OCoLC)851745870 
040    AU@|beng|epn|cAU@|dOCLCO|dGW5XE|dOCLCQ|dAS|dMATH 
050  4 HG1-9999 
050  4 HG4501-6051 
050  4 HG1501-HG3550 
082 04 657.8333|223 
082 04 658.152|223 
100 1  Ziegler, Alexandre 
245 10 Incomplete Information and Heterogeneous Beliefs in 
       Continuous-time Finance|h[electronic resource] /|cby 
       Alexandre Ziegler 
260    Berlin, Heidelberg :|bSpringer Berlin Heidelberg,|c2003 
300    1 online resource (xiii, 198 pages) 
336    text|btxt|2rdacontent 
337    computer|bc|2rdamedia 
338    online resource|bcr|2rdacarrier 
490 1  Springer Finance,|x1616-0533 
505 0  Incomplete Information: An Overview -- The Impact of 
       Incomplete Information on Utility, Prices, and Interest 
       Rates -- Optimal Portfolio Choice Under Heterogeneous 
       Beliefs -- Optimal Consumption Under Heterogeneous Beliefs
       -- Equilibrium Asset Pricing Under Heterogeneous Beliefs -
       - Costly Information, Imperfect Learning, and Information 
       Aggregation -- Summary and Conclusion 
520    This book considers the impact of incomplete information 
       and heterogeneous beliefs on investor's optimal portfolio 
       and consumption behavior and equilibrium asset prices. 
       After a brief review of the existing incomplete 
       information literature, the effect of incomplete 
       information on investors' exptected utility, risky asset 
       prices, and interest rates is described. It is 
       demonstrated that increasing the quality of investors' 
       information need not increase their expected utility and 
       the prices of risky assets. The impact of heterogeneous 
       beliefs on investors' portfolio and consumption behavior 
       and equilibrium asset prices is shown to be non-trivial. 
       Heterogeneous beliefs can explain a number of observed 
       phenomena, such as the fact that equilibrium state-price 
       densities are not log-normal, the "smile" in option 
       implied volatility, and the patterns of implied risk 
       aversion reported recently in the literature. It is also 
       demonstrated that financial markets in general do not 
       aggregate information efficiently, a fact that can explain
       the equity premium puzzle 
650  0 Economics 
650  0 Finance 
655  4 Electronic books 
776 08 |iPrint version:|z9783642055676 
830  0 Springer finance 
856 40 |3SpringerLink|uhttp://dx.doi.org/10.1007/978-3-540-24755-
       5