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Features
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- A user-friendly presentation builds student knowledge, offering equal exposure to technical rigor and motivating discussions.
- Coverage of current valuation techniques includes single- and multi-period models; models set in discrete-time and continuous-time; and models of endowment economies and production economies.
- A broad range of up-to-date topics—including derivatives, and default-free and defaultable fixed income securities—provides the most current research.
- Recent modeling of non-time-separable utility and utility that reflects behavioral biases is included, in addition to models of standard, time-separable expected utility functions.
- While much of the analysis makes standard “perfect markets” assumptions, the book also examines the effects of asymmetric information on trading and asset prices.
- End-of-chapter summaries and exercises reinforce concepts presented in the text.
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