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- W2323167130 abstract "Investment theory is the study of the individual behavior of households and economic organizations in the allocation of their resources to the available investment opportunities. For the purposes of investment theory, economic organizations are characterized as being members of one of two groups: business firms that hold as assets the physical means of production for the economy and finance their production decisions by issuing claims or securities; and financial intermediaries that hold claims as assets and finance these assets by issuing securities. Individuals or households are assumed to invest primarily in securities, and therefore invest only indirectly in physical assets. The markets in which these securities are traded are called the capital markets. The natural starting point for the development of investment theory is to derive the investment behavior of individuals. It is traditional in economic theory to take the existence of households and their tastes as exogenous to the theory. However, this tradition does not extend to economic organizations and institutions. They are regarded as existing primarily because of the functions they serve instead of functioning primarily because they exist. Economic organizations are endogenous to the theory. To derive the functions of these economic organizations, therefore, the investment behavior of individuals must be derived first. It is convenient to break the investment decision by individuals into two parts: (1) the consumption-saving choice where the individual decides how much of his *This paper is not a survey of the economics and finance literature on investment theory which is already copious and whose rate of expansion has in recent years accelerated. Rather, the paper is designed to be a self-contained, but cryptic, introduction to some of the major problems in investment theory. In many cases, I have referenced excellent survey articles which themselves contain extensive bibliographies rather than attempt to reference all the important individual contributions to the subject. I gratefully acknowledge support from the National Science Foundation for this paper, and thank J. Cox and M. Latham for their helpful comments." @default.
- W2323167130 created "2016-06-24" @default.
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- W2323167130 date "1982-01-01" @default.
- W2323167130 modified "2023-09-27" @default.
- W2323167130 title "ON THE MICROECONOMIC UNDER UNCERTAINTY" @default.
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