| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4274 |
| DP4274 The Demand for High-Skilled Workers and Immigration Policy | |
| Thomas Bauer; Astrid Kunze | |
| 发表日期 | 2004-02-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | We analyse an equilibrium model with restricted investor participation in which strategic arbitrageurs play an innovation game and exploit the resulting mispricings by reaping trading profits. Since the equilibrium asset structure is not chosen by a social planner, it is chosen to maximize arbitrage profits and depends therefore realistically upon considerations such as depth, liquidity and gains from trade. In addition, the welfare properties of the resulting asset structure are studied. It is shown that the degree of inefficiency depends upon the heterogeneity of investors. The conjecture of the optimality of ?Macro Markets? is analysed formally in this framework. |
| 主题 | Financial Economics |
| 关键词 | Asset innovation Arbitrage Restricted participation Innovation games |
| URL | https://cepr.org/publications/dp4274 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533237 |
| 推荐引用方式 GB/T 7714 | Thomas Bauer,Astrid Kunze. DP4274 The Demand for High-Skilled Workers and Immigration Policy. 2004. |
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