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Imperfect Information and Investor Heterogeneity in the Bond Market

  • Book
  • © 2000

Overview

Authors:
  1. Frank Riedel

    1. Department of Economics, Institute of Economic Theory, Humboldt University, Berlin, Germany

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Part of the book series: Contributions to Economics (CE)

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Table of contents (5 chapters)

  1. Front Matter

    Pages I-VIII
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  2. Introduction

    • Frank Riedel
    Pages 1-6

  3. Imperfect Information and Complete Asset Markets in Continuous Time

    • Frank Riedel
    Pages 7-43

  4. Heterogeneous Time Preferences - The Preferred Habitat Theory Revisited

    • Frank Riedel
    Pages 45-71

  5. Imperfect Information: The Term Structure when the Growth Rate is Unknown

    • Frank Riedel
    Pages 73-89

  6. Bulls and Bears: Heterogeneous Expectations

    • Frank Riedel
    Pages 91-109

  7. Back Matter

    Pages 111-116
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Keywords

About this book

Real world investors differ in their tastes and attitudes and they do not have, in general, perfect information about the future prospects of the economy. Most theoretical models, however, assume to the contrary that investors are homogeneous and perfectly informed about the market. In this book, an attempt is made to overcome these shortcomings. In three different case studies, the effect of heterogeneous time preferences, heterogeneous beliefs and imperfect information about the economy's growth on the term structure of interest rates are studied. The initial chapter gives an introduction to the theory of financial markets in continuous time under imperfect information and establishes the existence of an equilibrium with complete markets.

Authors and Affiliations

  • Department of Economics, Institute of Economic Theory, Humboldt University, Berlin, Germany

    Frank Riedel

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