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Predators and Prey on Wall Street
Much financial activity is zero-sum. While providing transactional and diversification services to others, participants also prey upon each other. High-ability predators trade opportunistically with less-able prey. In our dynamic model these features amplify real shocks. The presence of more low-ability traders reduces expected losses to high-ability traders, leading to equilibria with high levels of financial activity and employment. Shocks to profits can motivate exit by low-ability traders, rendering those of intermediate skill more vulnerable. Thus, our relatively simple model generates boom-bust dynamics suggestive of Wall Street. (JEL G00, G20, E44).Printed Journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| RAPS0401 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Oxford: Oxford University Press 2014 |
|---|---|
| Edisi | Vol. 4, Number 1, June 2014 |
| Subjek | Profit Financial Ability high Transactional |
| ISBN/ISSN | 20459920 |
| Klasifikasi | NONE |
| Deskripsi Fisik | p. 1 |
| Info Detail Spesifik | The Review of Asset Pricing Studies |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |