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Theory of Incomplete Markets, Vol. 1, by Michael Magill, Martine Quinzii
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The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the imperfections in their knowledge and their propensity for opportunistic behavior to trade sequentially and to make only limited contractual commitments into the future. This book studies the consequences of trading with such a sequential and incomplete market structure for the equilibria of an economy: competitive markets no longer provide the ideal way of allocating resources and even with rational expectations monetary policy is nonneutral.The theory presented in this book retains the simplicity, coherence, and generality that are the hallmarks of traditional general equilibrium theory, while moving the nature of the markets, contracts, and constraints on agent participation into closer conformity with the actual structure of markets observed in the real world.Students and researchers will appreciate how the book incorporates results from the latest research while remaining accessible to a wide audience. The theory is built from the bottom up, with ample nontechnical motivation and a user-friendly presentation that constantly draws on the reader's economic and geometric intuition. Historical discussions in each chapter help clarify the origins and current limitations of the theory.This is the first of two volumes. Volume 1 focuses on the role and functioning of financial markets in a competitive setting. Volume 2 will study more general models that combine the real and financial sectors of the economy and depart from a purely competitive analysis. In addition to providing basic insights needed to understand the theory of incomplete markets, this volume provides the essential tools needed to understand the more general analysis of Volume 2.
- Sales Rank: #2076522 in Books
- Published on: 2002-02-07
- Original language: English
- Number of items: 1
- Dimensions: 10.00" h x 1.50" w x 7.00" l, 2.51 pounds
- Binding: Paperback
- 558 pages
Review
"Authoritative and comprehensive, yet comprehensible. A remarkableblend of rigorous elegance and economic wisdom." Jacques H. Dreze, CORE, Belgium
Great progress has been made in the past twenty years in the analysis of general competitive equilibrium with incomplete financial markets. This text makes the important results of the literature accessible to non-specialists for the first time. It is clearly written and stresses the geometric intuition behind the results. It develops a range of applications to central theoretical issues in financial and monetary economics, and provides a sense of the historical context of the work that is unusual in texts on mathematical economics. The book deserves to be studied by all monetary and financial economists who care about the analytical foundations of their subjects.
(Michael Woodford, Professor of Economics, Princeton University)Magill and Quinzii have carefully and cogently summarized a large body of recent research on general equilibrium models of incomplete security markets. In its treatment of everything from the basic mathematical tools through to such applications as production and the role of money, Theory of Incomplete Markets is definitive, and is likely to remain so for a long time.
(J. Darrell Duffie, Professor of Finance, Graduate School of Business, Stanford University)Once the notion of commodity was extended to future goods and to hedges against uncertainty, it became clear that not all markets for these goods exist. The study of incomplete markets developed gradually over the last twenty-five years and required both new ways of thinking and new techniques of analysis. The time is ripe for a survey, and Magill and Quinzii, both important contributors to the field, have shown their mastery here. Their exposition is the simplest consistent with careful study, and they have connected the current literature with its historic roots in exemplary fashion.
(Kenneth J. Arrow, John Kenney Professor of Economics, Emeritus, and Professor of Operations Research, Emeritus, Department of Economics, Stanford University)By redefining the concept of a commodity, one can immediately extend the General Equilibrium model to uncertainty (as well as to time, and to space). But for this, markets must be complete. In an impressive book, Michael Magill and Martine Quinzii do this extension in the framework of the new theory of incomplete markets that they powerfully contributed to build. Their deep, original work, which aims at a wide audience of readers, contains a great wealth of knowledge for everyone of them.
(Gerard Debreu, Professor of Economics, European University Institute)The frontier of research in General Equilibrium Theory today lies in the field of incomplete markets. The book by Magill and Quinzii gives an excellent account of this field by two of its principal cultivators. In addition the book is a pleasure to read.
(Lionel McKenzie, Wilson Professor Emeritus of Economics at the University of Rochester)Theory of Incomplete Markets by Magill and Quinzii is certain to stimulate and excite future generations of students of econoics theory as my generation was inspired by Debreu's Theory of Value.
(Donald J. Brown, Philip R. Allen Professor of Economics, Yale University)This is an ambitious book -- as, indeed, is any serious effort to work through the ramifications of incomplete contracting. Professors Magill and Quinzii bring the rudiments of institutional economics (bounded rationality, opportunism, asset dependence, organization form) into general equilibrium theory in ways that have hitherto defied analysis. This is an important book.
(Oliver E. Williamson, Edgar F. Kaiser Professor of Business Administration, Professor of Economics, and Professor of Law, University of California)" Theory of Incomplete Markets is a very thorough book which contains an excellent introduction into some recent research in the active area of incomplete markets." T. Hens, Journal of Economics
"Magill and Quinzii have carefully and cogently summarized a large body of recent research on general equilibrium models of incomplete security markets. In its treatment of everything from the basic mathematical tools through to such applications as production and the role of money, Theory of Incomplete Markets is definitive, and is likely to remain so for a long time." J. Darrell Duffie , Professor of Finance, Graduate School ofBusiness, Stanford University
About the Author
Michael Magill is Professor of Economics at the University of Southern California.
Martine Quinzii is Professor of Economics at the University of California, Davis.
Most helpful customer reviews
14 of 16 people found the following review helpful.
The best text on the theory of incomplete markets
By A Customer
Magill and Quinzii provides a one-stop shop for masters/PhD level introduction to the theory of incomplete markets. The book covers the main topics in a highly readable manner and with very good examples. It is also the only book in the market that focuses on incomplete markets in such a detailed way. I believe the book belongs in the library of all students of advanced financial economics.
0 of 0 people found the following review helpful.
A Holistic Treatment of General Equilibrium Theory
By BWare00
I saw a negative review on this book -- yeah it was back in 2002 and now we are in 2014 -- but I think I am in a unique position to comment on the book.
Not only did I buy the book back in 1995, I also took the graduate level course from Profession Magill at the University of Southern California. So I can appreciate the material in the dual context of what's directly written therein and what was presented and discussed by Dr. Magill.
It is in fact a very rigorous treatment of the theory of incomplete markets -- and the notation and modeling used in the book is profoundly esoteric. That is without question. If you are looking for a how-to book where you can set up an equation, plug in the numbers and get immediate answers, then this IS NOT the book for you.
At the same time, the book provides for a holistic treatment of a general equilibrium theory that, since the housing and credit market crashes of 2008, stands as foundation for a true understanding of risk and its important role in market economies. This book is particularly useful insofar as one seeks a framework for appreciating the importance of optimal risk allocation and transfer on a macro scale.
I would highly recommend this book as a foundational piece for appreciating general equilibrium theory and the role risk plays therein.
19 of 22 people found the following review helpful.
Unfair
By A Customer
The previous review is not only unfair, but also irrelevant. If you do not like the field of GE under incomplete markets, fine. But then you would certainly not be in a position to comment on any book in the field, would you? Moreover, comparing apples and bananas has never been the brightest of ideas: this is not finance, this is GE under incomplete markets.
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