Equilibrium pricing

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  • The main goals of this chapter are to: Explain how changes in supply and demand affect equilibrium prices and quantities; identify what government-set prices are and how they can cause product surpluses and shortages; illustrate how supply and demand analysis can provide insights on actual-economy situations.

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  • After reading this chapter, you should be able to: Describe demand and explain how it can change, describe supply and explain how it can change, relate how supply and demand interact to determine market equilibrium, explain how changes in supply and demand affect equilibrium prices and quantities, identify what government-set prices are and how they can cause product surpluses and shortages.

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  • Price theory is made richer by the fact that each individual’s choices can affect the opportunities available to others. If you decide to eat all of the cake, your roommate cannot decide to eat some too. An equilibrium is an outcome in which each person’s behavior is compatible with the restrictions imposed by everybody else’s behavior. In many situations, it is possible to say both that there is only one possible equilibrium and that there are good reasons to expect that equilibrium to actually come about. This enables the economist to make predictions about the world....

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  • Asset prices are determined by investors’ risk preferences and by the distributions of assets’ risky future payments. Economists refer to these two bases of prices as investor "tastes" and the economy’s "technologies" for generating asset returns. A satisfactory theory of asset valuation must consider how individuals allocate their wealth among assets having different future payments. This chapter explores the development of expected utility theory, the standard approach for modeling investor choices over risky assets....

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  • For decades, researchers have been puzzled by three sets of empirical results associated with the pricing of initial public o¤erings (IPOs). Besides the well-documented underpricing puzzle and hot-issue market puzzle1, severe long-run underperformance of IPOs is reported recently by Ritter (1991) and Loughran and Ritter (1995), suggesting that market ine¢ciency may be even more pervasive than previously recognized. Thus, the IPO market, albeit small in scale, has become a leading example of anomalies against the e¢cient market hypothesis (Fama 1998)....

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  • Included in the SME interest margin charged by banks is an element of price that reflects the probability, from the banks’ experience and data, that some of its SME customers will not be able to repay the debt. The methodology and calculations used to determine the cost associated with the risk of lending are set out under international rules by the Basel Regulatory Framework4 . Regulators also give guidance to banks with regard to the buffers needed to protect banks in the event of shocks to the financial system.

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  • Chapter 3 - Demand, supply, and market equilibrium. This chapter provides an introduction to demand and supply concepts. Both demand and supply are defined and illustrated; determinants of demand and supply are listed and explained. The concept of equilibrium and the effects of changes in demand and supply on equilibrium price and quantity are explained and illustrated. The chapter also includes brief discussions of efficiency (productive and allocative) and price controls (floors and ceilings).

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  • Chapter 3W - Web appendix: Additional examples of supply and demand. This appendix focuses on changes in supply and demand and the subsequent effect on equilibrium price and equilibrium quantity.

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  • Chapter 6 - Government intervention, in this chapter you will learn: The effect of a price ceiling or a price floor on the equilibrium price and quantity, the effect of a tax or a subsidy on the equilibrium price and quantity, how elasticity and time period influence the impact of a market intervention.

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  • Essentials of Investments: Chapter 7 - Capital Asset Pricing and Arbitrage Pricing Theory presents Capital Asset Pricing Model, Resulting Equilibrium Conditions, Capital Market Line, Slope and Market Risk Premium, Expected Return and Risk on Individual Securities.

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  • Chapter 3 - Demand, supply, and market equilibrium. This chapter provides an introduction to demand and supply concepts. Both demand and supply are defined and illustrated; determinants of demand and supply are listed and explained. The concept of equilibrium and the effects of changes in demand and supply on equilibrium price and quantity are explained and illustrated. The chapter also includes brief discussions of efficiency (productive and allocative) and price controls (floors and ceilings).

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  • Chapter 5, Using supply and demand. In this chapter, the learning objectives are: Apply the supply and demand model to real-word events, demonstrate the effect of a price ceiling and a price floor on a market, explain the effect of excise taxes and tariffs on a market, explain the effect of quantity restrictions on a market, explain the effect of a third-party payer system on equilibrium price and quantity.

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  • The model of supply and demand is the economics profession’s greatest contribution to human understanding because it explains the operation of the markets on which we depend for nearly everything that we eat, drink, or consume. The model is so powerful and so widely used that to many people it is economics. This chapter explains how the model works and how it can explain both the quantities that are bought and sold in markets as well as the prices at which they trade.

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  • Chapter 3 (Appendix) illustrate how supply and demand analysis can provide insights on actual-economy situations. This chapter presents the following content: Lettuce, exchange rates, pink salmon, gasoline, sushi, preset prices.

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  • The CAPM rattled investment professionals in the 1960s and its commanding importance still reverberates today." --Dow Jones Asset Management. Nearly 30 years ago, PORTFOLIO THEORY AND CAPITAL MARKETS laid the groundwork for such investment standards as modern portfolio theory, derivatives pricing and investment, and equity index funds, among others.

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  • Empirical evidence regarding international relative prices at the consumer level suggests that arbitrage in international markets is not rapid and that these markets are highly segmented. In fact, even markets for traded goods appear to be highly segmented internationally: In the data, both real exchange rate movements and deviations from the law of one price for traded goods are large and persistent.

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  • In this chapter, we study the mathematical structure of a simple one-period model of a financial market. We consider a finite number of assets. Their initial prices at time t = 0 are known, their future prices at time t = 1 are described as random variables on some probability space. Trading takes place at time t = 0. Already in this simple model, some basic principles of mathematical finance appear very clearly. In Section 1.2, we single out those models which satisfy a condition of market efficiency: There are no trading opportunities which yield a profit without any downside risk.

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  • Overall, our analysis can be understood as one of the first cross-country empirical studies on the determinants of bank fees and as a contribution to the literature testing the contradictory empirical predictions of the SCP and ES hypotheses regarding the influence of concentration on prices in the banking industry.

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  • Bond funds, which accounted for €373 billion of Irish IFs by shares/units in issue, experienced inflows of €12 billion and positive revaluations of €4.2 billion, amid generally increasing bond prices. This continues a longer term trend of significant inflows into bond funds, which comprised 42 per cent of Irish IFs by end-Q3 2012, compared with 24 per cent at end-Q1 2010.

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  • A shift in demand that moves the demand curve to the right causes equilibrium price and quantity to rise. A shift in supply that moves the supply curve to the left causes equilibrium price to rise and equilibrium quantity to fall.

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