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| 008 | 091125s2009 bl ||||gr |0|| 0 eng d | ||
| 100 | 1 |
_aDAVIDSON, Paul _914941 |
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| 245 | 1 | 0 | _aCan future systemic financial risks be quantified? Ergodic vs nonergodic stochastic processes |
| 260 |
_aSão Paulo : _bEditora 34, _cout./dez. 2009 |
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| 520 | 3 | _aDifferent axioms underlie efficient market theory and Keyness liquidity preference theory. Efficient market theory assumes the ergodic axiom. Consequently, todays decision makers can calculate with actuarial precision the future value of all possible outcomes resulting from todays decisions. Since in an efficient market world decision makers know their intertemporal budget constraints, decision makers never default on a loan, i.e., systemic defaults, insolvencies, and bankruptcies are impossible. Keynes liquidity preference theory rejects the ergodic axiom. The future is ontologically uncertain. Accordingly systemic defaults and insolvencies can occur but can never be predicted in advance. | |
| 590 | _av. 29, n. 4(116) | ||
| 773 | 0 | 8 |
_tRevista de Economia Política = Brazilian Journal of Political Economy _g29, 4, p. 324-340 _dSão Paulo : Editora 34, out./dez. 2009 _xISSN 01013157 _w |
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_a20091125 _b1606^b _cDaiane |
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_aConvertido do Formato PHL _bPHL2MARC21 1.1 _c31078 _d31078 |
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| 041 | _aeng | ||