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  3. Principles of Financial Economics
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    • Publisher:
      Cambridge University Press
      Publication date:
      05 September 2012
      20 November 2000
      ISBN:
      9780511753787
      DOI:
      https://doi.org/10.1017/CBO9780511753787
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      • Subjects:
      Economics, Finance and Accountancy
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    Subjects:
    Economics, Finance and Accountancy
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    Book description

    Financial economics, and the calculations of time and uncertainty derived from it, are playing an increasingly important role in non-finance areas, such as monetary and environmental economics. In this 2001 book, Professors Le Roy and Werner supply a rigorous yet accessible graduate-level introduction to this subfield of microeconomic theory and general equilibrium theory. Since students often find the link between financial economics and equilibrium theory hard to grasp, they devote less attention to purely financial topics such as calculation of derivatives, while aiming to make the connection explicit and clear in each stage of the exposition. Emphasis is placed on detailed study of two-date models, because almost all of the key ideas in financial economics can be developed in the two-date setting. In addition to rigorous analysis, substantial sections of discussion and examples are included to make the ideas readily understandable.

    Reviews

    ‘This is an excellent introduction to the exciting field of financial economics, rigorous yet filled with economic intuition, and with a refreshing emphasis on equilibrium that is reminiscent of Debreu’s elegant and pithy monograph.’

    Andrew Lo - Massachusetts Institute of Technology

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