Relevant bibliographies by topics / No-trade theorems

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  2. Dissertations / Theses
  3. Books
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Academic literature on the topic 'No-trade theorems'

Author: Grafiati
Published: 11 December 2022
Last updated: 25 January 2023

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Journal articles on the topic "No-trade theorems"

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Gizatulina, Alia, and Ziv Hellman. "No trade and yes trade theorems for heterogeneous priors." Journal of Economic Theory 182 (July 2019): 161–84. http://dx.doi.org/10.1016/j.jet.2019.04.006.

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Giglio, Ferdinando. "The Capital Structure through the Modigliani and Miller Model." International Business Research 15, no. 11 (October 11, 2022): 11. http://dx.doi.org/10.5539/ibr.v15n11p11.

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The Modigliani-Miller theorem is not only his most important contribution to the theory of finance, but it is one of the most important results in the last half century of evolution of the financial economy, which among other things has certainly not been poor in contributions. important. The Modigliani-Miller theorem concerns the financing choices of firms, and in particular the choice between debt and shares. It identifies the conditions under which the choice of issuing debt or shares to finance a given level of investments does not affect the value of companies, and therefore in which there is no optimal level of debt compared to the companies' own means. Therefore, it belongs to a class of surprising theorems of "neutrality" or "indifference" that exist in economics: these are theorems that show the irrelevance of a choice that at first sight would seem very important, such as that on the degree of debt of firms. Other theorems were developed after this: Trade-off, Pricing order and Market Timing.
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FRAHM, GABRIEL, ALEXANDER JONEN, and RAINER SCHÜSSLER. "THE FUNDAMENTAL THEOREMS OF ASSET PRICING AND THE CLOSED-END FUND PUZZLE." International Journal of Theoretical and Applied Finance 22, no. 05 (August 2019): 1950025. http://dx.doi.org/10.1142/s0219024919500250.

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We propose a solution to the closed-end fund puzzle in financial markets without a free lunch with vanishing risk. Our results are consistent with both the time-series and the cross-sectional aspect of the closed-end fund puzzle. It turns out that a closed-end fund cannot exist if the fund manager is supposed to receive a fee although he is not able to find mispriced assets in the market. By contrast, a premium can typically be observed at the initial public offering because the fund manager has access to information that enables him to create a dominant strategy. As soon as this weak arbitrage opportunity evaporates, a premium can no longer occur. The reason why a premium quickly turns into a discount might be that the fund manager stops applying a superior trading strategy at some point in time. Another possibility is that abnormal profits are transient in a competitive financial market. In any case, when the fund manager is no longer willing or able to maintain a superior strategy, the fund must trade at a discount in order to compensate for his management fee.
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Sent, E. M. "The Tricks of the (No-)Trade (Theorem)." History of Political Economy 38, Suppl 1 (January 1, 2006): 305–21. http://dx.doi.org/10.1215/00182702-2005-027.

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Ferrante, Vittorioemanuele. "DOXASTIC INFORMATION PARTITIONS, AND AN ANTI-NO-TRADE THEOREM (*)." Metroeconomica 42, no. 1 (February 1991): 47–61. http://dx.doi.org/10.1111/j.1467-999x.1991.tb00358.x.

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Bokati, Laxman, and Vladik Kreinovich. "Is "no trade theorem" really a paradox: analysis based on decision theory." Applied Mathematical Sciences 13, no. 8 (2019): 397–404. http://dx.doi.org/10.12988/ams.2019.9345.

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Lima, João Vicente Ribeiro Barbosa da Costa, and Antonio Daniel Alves Carvalho. "A Construção Social do Mercado Fair Trade no Brasil e no Mundo." Latitude 14, no. 1 (October 22, 2020): 136–61. http://dx.doi.org/10.28998/lte.2020.n.1.10667.

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O artigo analisa a construção do mercado justo no Brasil e no mundo, suas dinâmicas e os mecanismos institucionais desenvolvidos. O artigo se beneficia dos resultados de pesquisa exploratória e descritiva dos conteúdos de documentos dos principais agentes pesquisados e representativos do modelo nacional e internacional. A análise se serve das ideias fundamentais da Nova Sociologia Econômica, de Granovetter, para demonstrar as ilações culturais e políticas que engendram o fenômeno do comércio justo como crítica radical às teorias neoclássicas sobre a autonomia da esfera econômica e da racionalidade individualista e utilitária dos atores interessados.AbstractThe article analyzes the construction of the fair market in Brazil and in the world, its dynamics, and the institutional mechanisms developed. The article benefits from the results of exploratory and descriptive research on the content of documents of the main agents surveyed and representative of the national and international model. The analysis uses the fundamental ideas of Granovetter's New Economic Sociology, to demonstrate the cultural and political lessons that engender the phenomenon of fair trade as a radical criticism of neoclassical theories about the economic sphere’s autonomy and of the individualistic and utilitarian rationality of the interested actors.
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Kone, Salif. "USA–China Trade War in Light of the Limits of the Comparative Advantage Principle." Management and Economics Research Journal 5 (2019): 1. http://dx.doi.org/10.18639/merj.2019.961704.

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The trade war, which antagonizes today the United States and China, questions the free trade principle in international trade. To show the dangerousness of this trade war for the world economy, this paper explores the theoretical limits of the comparative advantage principle by analyzing the limitations of the applicability of the comparative costs and endowments criteria. We conclude that the international trade theories not based on the comparative advantage principle are the exception to the rule and therefore, cannot be used to justify the American positions, except to introduce a certain degree of political considerations. Specifically, we show that the international trade theories, other than the Ricardian theory and the HOS factorial theory, are exceptions to the applicability of the comparative costs and endowments criteria. In light of this argument, one should seek explanations of the war-like trade logic of the Trump Administration in the international political economy. In this perspective, international trade is no longer necessarily a positive-sum game.
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Akter, Mansura, Mahfuzur Rahman, and Dragana Radicic. "Women Entrepreneurship in International Trade: Bridging the Gap by Bringing Feminist Theories into Entrepreneurship and Internationalization Theories." Sustainability 11, no. 22 (November 7, 2019): 6230. http://dx.doi.org/10.3390/su11226230.

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Participation of women-owned small and medium-sized enterprises (SMEs) in international trade is gaining more importance in the transformation of institutional changes. Although women entrepreneurs contribute to the social and economic development, the role of social, cultural, and legal institutions in fostering women entrepreneurship is still debatable. This argument remains controversial as there is no single theory that has explained the phenomenon of women-owned firms in international trade. Because of the missing link between gender sensitivity and the existing theories of entrepreneurship and internationalization, there is a significant research gap. To fill up this research gap, this study revisited existing theories from three research domains: feminism, entrepreneurship, and internationalization. Factors derived from revisiting theories of entrepreneurship and internationalization were evaluated based on findings from the review of the feminist theories. Finally, key parameters were selected to assess the internationalization of women-owned SMEs, which require future empirical investigation.
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KAMGAING, Serge, Jean Claude SAHA, and Yves André ABESSOLO. "Road infrastructure and intra-community trade in the Central African Economic and Monetary Community." International Journal of Scientific Research and Management 10, no. 01 (January 12, 2022): 2905–13. http://dx.doi.org/10.18535/ijsrm/v10i1.em8.

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We examine the contribution of domestic and interstates road infrastructures to trade flow between member countries of the Central African Economic and Monetary Community (CEMAC). Theories of international economics as well as those of the new economic geography suggest a positive contribution of both road infrastructures to intraregional trade. A gravity model of international trade is estimated to evaluate this theoretical prediction in the CEMAC zone. Results confirm a positive contribution of interstate road infrastructure to intra-Community trade, but show no evidence of a positive contribution of domestic road infrastructure to intra- CEMAC trade.
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Dissertations / Theses on the topic "No-trade theorems"

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Klishchuk, Bogdan. "Essays on Information and Markets." Phd thesis, 2017. http://hdl.handle.net/1885/133568.

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This thesis provides new equilibrium existence results for markets with information asymmetries and relates them in a novel way to the role of economic intermediation. Under atomless uncertainty, single market linear price equilibria are known not to exist prevalently even when agents are risk averse expected utility maximizers. The notion of prevalence involves essentially picking an economy at random. Bypassing the nonexistence problem is one of the achievements of the nonlinear price decentralization theory. This thesis contributes by reconciling the nonlinear price decentralization theory to a large extent with certain competitive market structures. We do this in Chapter 1 by defining linear price equilibrium with multiple markets and establishing its existence. Each market has its own price vector (linear functional), and agents’ involvement in various markets is heterogeneous. As a result, price differences across markets may prevail in equilibrium. We present an example in which single market linear price equilibrium does not exist but certain corresponding equilibrium with two markets does. Our equilibrium with multiple markets has a more standard economic interpretation than equilibrium with nonlinear prices used in nonlinear decentralization theory. Our framework can potentially accommodate even more nonlinearities if economic intermediaries are explicitly introduced into the model. Despite the nonexistence problem, single market linear price equilibrium with infinitely many states is still known to exist under restrictive assumptions on the information structure. In Chapter 2, we introduce two new results on the existence of single market linear price (Radner) equilibrium with infinitely many states under economically meaningful conditions. Our first result requires that agents have independent information, while the second assumes that the total endowment of the economy is common knowledge. In Chapter 3, we explore how economic agents can test the scope of their knowledge and, in particular, the informational content of equilibrium prices under asymmetric information. We show that one can go far in arguing that equilibrium prices tend to be fully revealing.
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Books on the topic "No-trade theorems"

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Back, Kerry E. Rational Expectations Equilibria. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780190241148.003.0022.

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When differences in beliefs are due to differences in information, investors learn from prices. If there are no risk‐sharing motives for trade, then differences in information do not lead to trade (the no‐trade theorem). Equilibrium prices can fully reveal information, but then there is no incentive to gather information (the Grossman‐Stiglitz paradox). Noisy trades or asset supplies facilitate partially revealing equilibria. In the Grossman‐Stiglitz model and the Hellwig model, prices equal discounted expected values minus a risk premium term that depends on the average precision of investors’ information weighted by their risk tolerances. The chapter explains the mechanics of updating beliefs when fundamentals and signals are normally distributed.
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Barrett, Jeffrey A. The Conceptual Foundations of Quantum Mechanics. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780198844686.001.0001.

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The book starts with a description of classical mechanics then discusses the quantum phenomena that require us to give up our commonsense classical intuitions. We consider the physical and conceptual arguments that led to the standard von Neumann-Dirac formulation of quantum mechanics and how the standard theory explains quantum phenomena. This includes a discussion of how the theory’s two dynamical laws work with the standard interpretation of states to explain determinate measurement records, quantum statistics, interference effects, entanglement, decoherence, and quantum nonlocality. A careful understanding of how the standard theory works ultimately leads to the quantum measurement problem. We consider how the measurement problem threatens the logical consistency of the standard theory then turn to a discussion of the main proposals for resolving it. This includes collapse formulations of quantum mechanics like Wigner’s extension of the standard theory and the GRW approach and no-collapse formulations like pure wave mechanics, the various many-worlds theories, and Bohmian mechanics. In discussing alternative formulations of quantum mechanics we pay particular attention to the explanatory role played by each theory’s empirical ontology and associated metaphysical commitments and the conceptual trade-offs between theoretical options.
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Book chapters on the topic "No-trade theorems"

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Serrano-Padial, Ricardo. "No Trade Theorems." In The New Palgrave Dictionary of Economics, 9522–25. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_2908.

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Serrano-Padial, Ricardo. "No Trade Theorems." In The New Palgrave Dictionary of Economics, 1–4. London: Palgrave Macmillan UK, 2010. http://dx.doi.org/10.1057/978-1-349-95121-5_2908-1.

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Brunnermeier, Markus K. "No‐Trade Theorems, Competitive Asset Pricing, and Bubbles." In Asset Pricing under Asymmetric Information, 30–59. Oxford University Press, 2001. http://dx.doi.org/10.1093/0198296983.003.0002.

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Khan, Muhammad Irfan, and Syed Imran Zaman. "The New Face of Global Trade in a Post-Pandemic World." In Research Anthology on Macroeconomics and the Achievement of Global Stability, 41–57. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-7460-0.ch003.

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The COVID-19 pandemic has raised serious questions about the applicability of international trade theories. International trade has now changed its shape due to this novel coronavirus. It is a fact that no country in the world follows one trade theory. They use multiple theories for their goods and services and will continue to do so. The future of international trade theories is suspected as to which theory will be employed or any new theory of international trade will emerge. Empirical evidence illustrates the emergence of regionalization as compared to globalization. In this context, trade theories will also adjust their forms and assumptions. Therefore, this chapter reconciles international trade theories with actual data, most notably COVID-19.
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Khan, Muhammad Irfan, and Syed Imran Zaman. "The New Face of Global Trade in a Post-Pandemic World." In Advances in Finance, Accounting, and Economics, 37–53. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-7998-8705-8.ch004.

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The COVID-19 pandemic has raised serious questions about the applicability of international trade theories. International trade has now changed its shape due to this novel coronavirus. It is a fact that no country in the world follows one trade theory. They use multiple theories for their goods and services and will continue to do so. The future of international trade theories is suspected as to which theory will be employed or any new theory of international trade will emerge. Empirical evidence illustrates the emergence of regionalization as compared to globalization. In this context, trade theories will also adjust their forms and assumptions. Therefore, this chapter reconciles international trade theories with actual data, most notably COVID-19.
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Berke, Burcu. "A Literature Survey on Extensive and Intensive Margins in International Trade." In Research Anthology on Macroeconomics and the Achievement of Global Stability, 1727–39. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-7460-0.ch091.

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Products and firms are homogeneous in traditional foreign trade theories; products show no horizontal or vertical differentiation. It is observed that growth in exports is only related to an increase in export quantity and that this is not decomposed into margins. Since Melitz's work, there has been an increase in studies that decompose the firms' heterogeneity and export growth in foreign trade into extensive and intensive margins. The concepts are addressed in the literature known as “new-new” foreign trade theories which include extensive margins, the number of exporting firms, the number of new trade partners, and the volume or variety of exported products. In brief, the growth of global trade is the result of new trade relations (extensive margin) or a rise in existing trade relations (intensive margin). As one of the rapidly developing trade theories in international economics, the main purpose of this study is to conduct a literature survey on the extensive and intensive margins of export growth.
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Berke, Burcu. "A Literature Survey on Extensive and Intensive Margins in International Trade." In Impact of Global Issues on International Trade, 124–36. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-8314-2.ch007.

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Products and firms are homogeneous in traditional foreign trade theories; products show no horizontal or vertical differentiation. It is observed that growth in exports is only related to an increase in export quantity and that this is not decomposed into margins. Since Melitz's work, there has been an increase in studies that decompose the firms' heterogeneity and export growth in foreign trade into extensive and intensive margins. The concepts are addressed in the literature known as “new-new” foreign trade theories which include extensive margins, the number of exporting firms, the number of new trade partners, and the volume or variety of exported products. In brief, the growth of global trade is the result of new trade relations (extensive margin) or a rise in existing trade relations (intensive margin). As one of the rapidly developing trade theories in international economics, the main purpose of this study is to conduct a literature survey on the extensive and intensive margins of export growth.
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Cheng, Po-Keng. "Noise Trader." In Encyclopedia of Information Science and Technology, Fourth Edition, 71–76. IGI Global, 2018. http://dx.doi.org/10.4018/978-1-5225-2255-3.ch006.

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This paper briefly reviews the literature on the topics of noise traders in the financial market. We cover the no-trade theorem under complete and competitive markets in the 1980s, the noise trader approach to finance in the 1990s, and recent studies from several approaches related to noise traders, such as heterogeneous agent models, investor sentiment, retail investors, experimental analysis, and extrapolation. Understanding and tackling the issues resulted from noise traders would be essential for us to realize how financial and economic markets work.
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Cheng, Po-Keng. "Noise Trader." In Advanced Methodologies and Technologies in Business Operations and Management, 87–93. IGI Global, 2019. http://dx.doi.org/10.4018/978-1-5225-7362-3.ch006.

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This chapter briefly reviews the literature on the topics of noise traders in the financial market. The authors cover the no‐trade theorem under complete and competitive markets in the 1980s, the noise trader approach to finance in the 1990s, and recent studies from several approaches related to noise traders, such as heterogeneous agent models, investor sentiment, retail investors, experimental analysis, and extrapolation. Understanding and tackling the issues resulted from noise traders would be essential for us to realize how financial and economic markets work.
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de Bruin, Boudewijn. "From Common Knowledge to the Ethics of Communication." In The Business of Liberty, 104–34. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780198839675.003.0005.

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This chapter develops the normative ideal of acknowledged freedom. I begin with an investigation of strategic interaction, coordination, and cooperation, using insights from game theory on common knowledge. Something is common knowledge among us if we know it, we know that we know it, and so on—that is, whenever it is entirely transparent among us. Using consumer behaviour as an example, I show how common knowledge facilitates coordination and collaboration, and offers protection to freedom. In that context, I discuss the no-trade theorem from economics, the idea of perspective change from the literature on privacy, as well as the role of common knowledge in Philip Pettit’s republicanism. I apply these insights to questions about stakeholder informed consent, the ethics of communication, as well as recent legislation offering consumer protection in finance such as the 2008 EU Consumer Credit Directive.
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Conference papers on the topic "No-trade theorems"

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Yurttançıkmaz, Ziya Çağlar, Sabri Azgün, Ayşen Hiç Gencer, and Ömer Selçuk Emsen. "Dramatically Rising Service Trade and Competitiveness Power: Developments in Turkish Economy (1980-2015)." In International Conference on Eurasian Economies. Eurasian Economists Association, 2017. http://dx.doi.org/10.36880/c08.01915.

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It has been revealed both in the theoretical and the applied studies that the trade of goods in the traditional foreign trade theories reflects the prosperity indicators of the countries such as economic growth and employment positively. In the 1970s, especially with the developments on financial globalization, the foreign trade structure has started to evolve, and the service trade has started to become more and more important or weighted. While the literature on competitiveness is related to the commodity trade, it is noteworthy that there are more limited studies on the results and suggestions of the competition power in service trade. In this study Balassa’s (1965) RCA (Revealed Comparative Advantages) approach was used to determine Turkey's competitive power on service trade. In this context, Turkey has tried to measure competition power against the world in each service sub sector related to the classification of traditional service sector such as tourism and transportation and other service sectors (telecommunication, financial services, insurance etc.) which are defined as modern services sector. It is analyzed with using annual data between 1980 and 2015 obtained from the UNCTAD. According to findings the competitive power in the tourism sector with traditional services is stronger in Turkey. This can be seen generally disadvantageous in the transportation sector, but there has been some increase in competition power since 2009. On the other hand, in the field of other service sectors expressed as modern services, it is concluded that there is no competitive power and it is highly disadvantaged.
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Racic, Zlatan, and Juan Hidalgo. "Practical Balancing of Flexible Rotors for Power Generation." In ASME 2007 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2007. http://dx.doi.org/10.1115/detc2007-34333.

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Balancing technology is still relatively new. Thirty years ago it was primarily still part of the skilled trade and was often obscured. Today there is enough reference literature printed during the last 20 years alone on general balancing and balancing of flexible rotors, that could fill a room, (Ref: N. Rieger). The majority of papers and other references deal with theoretical derivation of equations based on Jeffcott rotor model. With the growth of rotor sizes specifically of electric generators in power plants, so grew the need to develop not only a theory, but also the way to practically balance these rotors. The economy of manufacturing required pushing the rotors to more and more slender; lower and lower stiffness (∝ EIxx/L3) designs, in relation to its mass moment of inertia (Im), these rotors were more difficult to balance. The first to encounter the problem of balancing these rotors were the OEMs. On two different shores of the Atlantic Ocean, two basic balancing theories known as balancing in “N”, or in “N+2” balancing planes and operating rotor modes were developed. Later, with the development of the microcomputer the influence coefficient method had gained popularity among the power plant community and despite good experiences from both sides the controversy over which one produces better results was left open. In this paper a review of the “N” and “N+2” methods including notes on influence coefficients (IC) is conducted from a practical standpoint. The conclusion by the Authors is that there is no “better” or “worse” balancing method, only the more or less economical in a given situation, and neither gives a unified method to satisfy every rotor. General guidance is also provided over which method to use for best results in balancing large turbo-generator sets.
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Reports on the topic "No-trade theorems"

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Шпинев, Ю. С. Давид Рикардо об инвестициях. DOI CODE, 2020. http://dx.doi.org/10.18411/1311-1972-2020-00024.

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The article examines the views of one of the founders of classical economics, David Ricardo, on the issues of investment, capital and profit. The need for this study is caused by the lack of a single definition of investment in the regulatory acts of investment legislation, as well as in the scientific community. Thus, there is a problem of regulatory regulation of one of the most important concepts of the economy. Given that the concepts of investment, capital, and capital investment are primarily economic categories, it seems quite reasonable to consider the emergence and development of these concepts in the retrospect of economic theories, in order to understand the essence of the phenomenon and finally solve the issue of its legal regulation. The scientific novelty of the study is that despite a large number of works on the work of David Ricardo «The Beginnings of Political Economy and Taxation», no special work was carried out on the contribution of the great economist to the theory of investment. Conclusions. The main achievements of Ricardo in the field of capital and investment include the author's definitions of capital, free capital, the creation of a theory of comparative advantages of trade, the division of capital into fixed and circulating capital depending on strength, as well as the description of the reasons that stimulate and hinder foreign investment.
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