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Download PDF by Jean-Pierre Aubin: Time and Money: How Long and How Much Money is Needed to

By Jean-Pierre Aubin

ISBN-10: 3319000047

ISBN-13: 9783319000046

ISBN-10: 3319000055

ISBN-13: 9783319000053

This authored monograph provides an unconventional method of an enormous subject in monetary concept. the writer is knowledgeable within the box of viability conception and applies this idea to research how an economic climate may be dynamically endowed in order that it really is economically attainable. monetary viability calls for an assumption at the joint evolution of transactions, fluctuations of costs and devices of numeraire items: the sum of the “transactions values” and the “impact of rate fluctuations” will be unfavorable or equivalent to 0. The e-book offers a computation of the minimal endowment which restores financial viability and derives the dynamic legislation that control either transactions and cost fluctuations.
The audience essentially contains open-minded and mathematically economists however the booklet can also be worthwhile for graduate students.

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Time and Money: How Long and How Much Money is Needed to - download pdf or read online

This authored monograph offers an unconventional method of an immense subject in financial thought. the writer is knowledgeable within the box of viability concept and applies this idea to investigate how an economic climate might be dynamically endowed in order that it's economically potential. monetary viability calls for an assumption at the joint evolution of transactions, fluctuations of costs and devices of numeraire items: the sum of the “transactions values” and the “impact of cost fluctuations” may be detrimental or equivalent to 0.

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Additional info for Time and Money: How Long and How Much Money is Needed to Regulate a Viable Economy

Example text

And/or by modifying the dynamics, using viability multipliers (see Sect. 1 of [15, Viability Theory. New Directions]), in order to restore viability. This may allow us to provide an explanation of the formation and the evolution of regulons (regulating controls) through regulation or adjustment laws that can be designed (and computed) to insure viability, as well as other procedures, such as using impulses (evolutions with infinite velocity) governed by other systems (see Sect. 2 of [15, Viability Theory.

The temporal windows are indicated by bars. The figure provides an example indicating that exponential financial growth provided by compounded interests does not fit the evolution of the CAC 40 index in its price tube since the detected windows are very small. Actually, one can prove that the stock market asset tubes are not viable under the geometric models, deterministic or stochastic, used almost universally in mathematical finance (as the simplest one leading to the Black and Sholes formula for estimating the prices of European options), which are not validated by experiments right at the beginning (see [17, Tychastic Measure of Viability Risk.

This does not guarantee that the economic motivations are relevant and that the conclusions provide better explanations and guidelines, but, at least, they cannot be dismissed under the pretext of a lack of mathematical rigor. This is the reason why some proofs are provided, and references made to Chaps. 13, p. 523, 15, p. 603 and 17, p. 681, of [15, Viability Theory. New Directions]. What is important is the translation of mathematical language to economically relevant issues, hoping that economists will debate our conclusions and question our assumptions, with no need to be involved in the intricacies of mathematics that they did not have the opportunity to become familiar with.

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Time and Money: How Long and How Much Money is Needed to Regulate a Viable Economy by Jean-Pierre Aubin


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