动态经济用的资产定价

作者简介

《动态经济用的资产定价(英文)》内容简介：The starting point for any analysis in finance involves assigning a current price to a future strearfi of uncertain payoffs.This is the basic notionbehind any asset.pricing model.Take for example，the price of a shareto a competitive firm.Since the share entitles the owner to claims for the future profits of the firm.a central problem iS to assign a value to thesefuture profits.Take another asset-a house.This provides housing services in all states of nature and at all dates.Consequently,the value of thehouse today must reflect the value of these future services.Other examplesinclude the pricing of durable goods or investment projects based on theirfuture expected marginal products.One approach to monetary economicsalso follows this basic principle-if money as an asset has value in equilib,rium(in the absence of any legal restrictions),then this value must reflectthe stream of services provided by this asset.

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