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008 210830t20161978pau fo d z eng d
019 _a(OCoLC)980274276
020 _a9780812277395
_qprint
020 _a9781512808339
_qPDF
024 7 _a10.9783/9781512808339
_2doi
035 _a(DE-B1597)9781512808339
035 _a(DE-B1597)476308
035 _a(OCoLC)979729779
040 _aDE-B1597
_beng
_cDE-B1597
_erda
050 4 _aHG4539
072 7 _aBUS039000
_2bisacsh
082 0 4 _a332.6
084 _aonline - DeGruyter
100 1 _aVickers, Douglas
_eautore
245 1 0 _aFinancial Markets in the Capitalist Process /
_cDouglas Vickers.
250 _aReprint 2016
264 1 _aPhiladelphia :
_bUniversity of Pennsylvania Press,
_c[2016]
264 4 _c©1978
300 _a1 online resource (192 p.)
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _atext file
_bPDF
_2rda
490 0 _aAnniversary Collection
505 0 0 _tFrontmatter --
_tContents --
_tPreface --
_tI. Financial Theory in the Scheme of Things --
_tII. Equilibrium Theory of Financial Asset Prices: Theory, Application, Critique --
_tIII. Decisions under Uncertainty: A Nondistributional Variable Approach --
_tSubject Index --
_tAuthor Index
506 0 _arestricted access
_uhttp://purl.org/coar/access_right/c_16ec
_fonline access with authorization
_2star
520 _aThe preoccupation of financial theory with static, timeless, equilibrium analysis has given rise to an orthodoxy that avoids the problems of uncertainty in the world. This work establishes new perspectives from which contemporary financial theory can be evaluated. Echoing Keynes' observation that "Human decisions . . . cannot depend on strict mathematical expectation," Douglas Vickers explains why most decisions in economics and finance are not made under conditions to which the calculus of probability applies.The author proposes a "new realism" in financial theory that takes into account the uncertainty in personal and economic decisions. Both business firms and financial investors, he contends, acquire an important perspective on their alternatives by focusing on the transitional, disequilibrium processes in financial markets rather than on their sup­ posed equilibrium conditions. This involves for economic decisions an understanding of "time" as "historic" in a genuine operational sense rather than as merely a logical variable. The notion of probability should be replaced by that of possibility, the concept that the British economist G. L. S. Shackle has called "potential surprise."In Part I, Vickers' innovative approach leads to a careful study of the "false trading" that occurs in real and financial markets. Part II provides an exposition and an evaluation of the equilibrium theory of financial asset prices. The new analytical apparatus is applied in Part Ill to investment decision making in the firm and to the choice of financial asset portfolios, as well as to the questions of asset trading and changes in portfolio composition.A scholarly and constructive work, Financial Markets in the Capitalist Process will generate controversy among professionals and debate among students for many years to come.
530 _aIssued also in print.
538 _aMode of access: Internet via World Wide Web.
546 _aIn English.
588 0 _aDescription based on online resource; title from PDF title page (publisher's Web site, viewed 30. Aug 2021)
650 0 _aBusiness enterprises
_xFinance.
650 0 _aFinance.
650 0 _aSaving and investment.
650 7 _aBUSINESS & ECONOMICS / Economics / Macroeconomics.
_2bisacsh
653 _aBusiness.
653 _aEconomics.
850 _aIT-RoAPU
856 4 0 _uhttps://doi.org/10.9783/9781512808339
856 4 0 _uhttps://www.degruyter.com/isbn/9781512808339
856 4 2 _3Cover
_uhttps://www.degruyter.com/cover/covers/9781512808339.jpg
942 _cEB
999 _c224507
_d224507