This paper studies the links between the descriptions of macroeconomic variables and statistical moments of market trade, price, and return. The randomness of market trade values and volumes during the averaging interval Δ results in the random properties of price and return. We describe how...

This paper describes the dependence of market-based statistical moments of returns on statistical moments and correlations of the current and past trade values. We use Markowitz’s definition of value weighted return of a portfolio as the definition of market-based average return of trades...

This paper derives the expressions of correlations between prices of two assets, returns of two assets, and price-return correlations of two assets that depend on statistical moments and correlations of the current values, past values, and volumes of their market trades. The usual...

This paper develops economic theory tools and framework free from general equilibrium assumptions. We describe macroeconomics as system of economic agents under action risks. Economic and financial variables of agents, their expectations and transactions between agents define macroeconomic...

This paper develops methods and framework of economic theory free from general equilibrium tools and assumptions. We model macroeconomics as system of agents those perform transactions with other agents under action of numerous expectations. Agents expectations are formed by economic and...

We consider mandatory components of the economic theory: two scales and four dimensions composed by collective agent’s economic variables, transactions and expectations and by the economic policy. We consider all economic variables, transactions and expectations on an equal footing and don’t...

We show how time-series of random market trade values and volumes completely describe stochasticity of stock returns. We derive equation that links up returns with current and past trade values and show how statistical moments of the trade values and volumes determine statistical moments of...

This paper introduces a new economic, market-based probability of stock return that takes into account the impact of the size of the market’s trade values and volumes. We define how the statistical moments of trade values and volumes determine the statistical moments of stock returns. To...

This paper highlights the links between the descriptions of macroeconomic variables and statistical moments of market trade, price, and return. We consider economic transactions during the averaging time interval Δ as the exclusive matter that determines the change of any economic variables. We...

This paper describes the probability of stock returns through a description of the set of their market-based n-th statistical moments that depended on the n-th statistical moments of market trade values and volumes. We derive these relations as extensions of Markowitz’s definition of a value...