Review
"The book successfully meets the overall objective of presenting an integrated view of arbitrage and equilibrium in asset pricing models. The main strengths of the present volume are its compactness and fairly wide coverage of the important concepts of financial markets."--Journal of Economic Literature
Product Description
This book provides a concise guide to financial asset pricing theory. Assuming a basic knowledge of graduate microeconomic theory, it explores the fundamental ideas that underlie competitive financial asset pricing models with symmetric information. Using finite dimensional techniques, this book avoids sophisticated mathematics and exploits economic theory to clarify the essential structure of recent research in asset pricing. In particular it explores arbitrage pricing models with and without diversification, Martingale pricing methods, representative agent pricing models; discusses these ideas in two date and multi-date models; and provides a range of examples from the literature.
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