On the rank of payoff matrices with long-term assets
نویسندگان
چکیده
We consider a stochastic financial exchange economy with a finite date-event tree representing time and uncertainty and a nominal financial structure with possibly long-term assets. We exhibit a sufficient condition under which the payoff matrix and the full payoff matrix have the same rank. This generalizes previous results of Angeloni-Cornet and MagillQuinzii involving only short-term assets. We then derive existence results with assumptions only based on the fundamentals of the economy.
منابع مشابه
de Travail du Centre d ’ Economie de la Sorbonne On the rank of payoff matrices with long - term assets
We consider a stochastic financial exchange economy with a finite dateevent tree representing time and uncertainty and a nominal financial structure with possibly long-term assets. We exhibit a sufficient condition under which the payoff matrix and the full payoff matrix have the same rank. This generalizes previous results of Angeloni-Cornet and Magill-Quinzii involving only short-term assets....
متن کاملOn higher rank numerical hulls of normal matrices
In this paper, some algebraic and geometrical properties of the rank$-k$ numerical hulls of normal matrices are investigated. A characterization of normal matrices whose rank$-1$ numerical hulls are equal to their numerical range is given. Moreover, using the extreme points of the numerical range, the higher rank numerical hulls of matrices of the form $A_1 oplus i A_2$, where $A_1...
متن کاملThe Optimum Portfolio Based on Konno Linear Programming Model (A Case Study on the Iran Insurance Company)
I ran Insurance Company intends to raise its financial credit and render enhanced services to the insured and the public. The need to meet financial obligations arising from the claims requires determination of the optimum deposited claims reserve with banks. Therefore, the present research study aimed at finding the loss ratio (incurred losses to premiu...
متن کاملSome rank equalities for finitely many tripotent matrices
A rank equality is established for the sum of finitely many tripotent matrices via elementary block matrix operations. Moreover, by using this equality and Theorems 8 and 10 in [Chen M. and et al. On the open problem related to rank equalities for the sum of finitely many idempotent matrices and its applications, The Scientific World Journal 2014 (2014), Article ID 702413, 7 page...
متن کاملThe Impact of Leverage on Firm Investment: Evidence from Tehran Stock Exchange
The impact of financial leverage on firm investment is one of the most important issues in corporate finance. Debt overhang reduces the incentives of shareholder–management coalition in controlling the firm to invest in positive net-present-value investment opportunities. On the other hand, firms without debt in their financial structure face with a new problem known as over-investment. T...
متن کامل