کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
957240 928516 2011 29 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Asset pricing in large information networks
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Asset pricing in large information networks
چکیده انگلیسی

We study asset pricing in economies with large information networks. We focus on networks that are sparse and have power law degree distributions, in line with empirical studies of large scale social networks. Our theoretical framework yields a rich set of novel asset pricing implications. We derive closed form expressions for price, volatility, profitability and trading volume, as functions of the network topology. We also study agent welfare and show that the network that optimizes total welfare is typically a uniform one with an intermediate degree of connectedness.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Theory - Volume 146, Issue 6, November 2011, Pages 2252–2280
نویسندگان
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