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Digitale Medien

An Existence Proof for Equilibrium in a Capital Asset Market (1975)

JONES-LEE, M. W. ; POSKITT, D. S.

Oxford, UK : Blackwell Publishing Ltd

Journal of business finance & accounting 2 (1975), S. 0

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ISSN: 1468-5957

Quelle: Blackwell Publishing Journal Backfiles 1879-2005

Thema: Wirtschaftswissenschaften

Notizen: The finance literature abounds with theoretical and empirical developments of the original Sharpe/Lintner models of equilibrium in capital asset markets. Almost all of these contributions are premised upon the existence of equilibrium in such models and yet there is apparently no formal existence proof in the literature. The purpose of this paper is to establish such a proof.La littérature de la finance abonde de développements théoriques et empiriques des premiers modèles de Sharpe/Lintner concernant l'équilibre dans les marchés des valeurs. Dans de tels modèles, la plupart de ces interventions sont basées sur l'existence d'un équilibre et pourtant il n'existe apparemment pas de preuve formelle de l'existence d'un tel équilibre dans la littérature. Le but de ce papier est donc d'en établir une telle preuve.Das Schrifttum der Finanzwirtschaftslehre wimmelt von theoretischen und empirischen Entwicklungen der ursprünglichen Sharpe/Lintner-Gleichgewichtsmodelle in ‘Capital Asset’ MÄrkten. Fast alle dieser Beiträge schicken das Bestehen eines Gleichgewichtes in solchen Modellen voraus obwohl anscheinend kein formeller Bestehensbeweis dafur in der Literatur zu finden ist. Der Zweck dieses Beitrages ist die Feststellung eines solchen Beweises.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1111/j.1468-5957.1975.tb00945.x

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2

Digitale Medien

SHORT-RUN COST IN A DYNAMIC CONTEXT (1974)

Jones-Lee, M. W.

Oxford, UK : Blackwell Publishing Ltd

Bulletin of economic research 26 (1974), S. 0

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ISSN: 1467-8586

Quelle: Blackwell Publishing Journal Backfiles 1879-2005

Thema: Wirtschaftswissenschaften

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1111/j.1467-8586.1974.tb00102.x

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3

Digitale Medien

Scale and context effects in the valuation of transport safety (1995)

Jones-Lee, M. W. ; Loomes, G.

Springer

Journal of risk and uncertainty 11 (1995), S. 183-203

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ISSN: 1573-0476

Schlagwort(e): value of life ; willingness to pay ; safety ; public transport ; large-scale accidents ; J17

Quelle: Springer Online Journal Archives 1860-2000

Thema: Wirtschaftswissenschaften

Notizen: Abstract How can willingness-to-pay-based values of safety for public transport modes, such as London's Underground railway system, be expected to relate to the corresponding value for road safety? This article reports results which suggest that such values should be set at a substantial premium in relation to their roads counterpart. However, this premium appears to derive entirely from considerations of control, voluntariness, and responsibility, and, contrary to popular wisdom, apparently owesnothing whatsoever to the possibility of large-scale “catastrophic” accidents on modes such as the Underground.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1007/BF01207785

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Imprecise preferences and the WTP-WTA disparity (1994)

Dubourg, W. R. ; Jones-Lee, M. W. ; Loomes, Graham

Springer

Journal of risk and uncertainty 9 (1994), S. 115-133

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ISSN: 1573-0476

Schlagwort(e): safety ; contingent valuation ; imprecise preferences ; reference points

Quelle: Springer Online Journal Archives 1860-2000

Thema: Wirtschaftswissenschaften

Notizen: Abstract This article reports the results of a study designed to elicit willingness to pay (WTP) and willingness to accept (WTA) values for changes in the risk of nonfatal road injuries. We examine the possibility that individuals' preferences over combinations of wealth, risk, and safety are imprecise, and that this imprecision might result in the observed disparity between WTP and WTA measures of value. The results confirm that individuals' preferences for safety are significantly imprecise, but that this alone is insufficient to explain more than part of the disparity. Indeed, respondents' estimates of the minimum that they would be prepared to accept for a risk increase frequently exceed the maximum that they would be prepared to pay for an equivalent risk reduction.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1007/BF01064181

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5

Digitale Medien

Altruism and the value of other people's safety (1991)

Jones-Lee, M. W.

Springer

Journal of risk and uncertainty 4 (1991), S. 213-219

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ISSN: 1573-0476

Schlagwort(e): altruism ; safety ; willingness-to-pay

Quelle: Springer Online Journal Archives 1860-2000

Thema: Wirtschaftswissenschaften

Notizen: Abstract This article considers the manner in which people's altruistic concern for other people's safety should be incorporated in willingness-to-pay based values of statistical life and safety. It is shown that, within a utilitarian framework, the traditional prescription that such values should take full account of people's willingness to pay for others' safety is validif andonly if altruism is exclusivelysafety-focused, in the sense that whilei is concerned forj's safety, he is quite indifferent to other determinants ofj's utility.

Materialart: Digitale Medien

URL: http://dx.doi.org/10.1007/BF00056126

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