Son yıllarda iktisat yazınında disiplinler arası çalışmaların sayısı giderek artmaktadır. Bu ilginin altında, doğrusal ve statik modellere dayanan klasik iktisat teorisinin modellerinin, gerçekte kompleks/karmaşık özellik gösteren yapıları çözümlemede yetersiz kalması...

The number of interdisciplinary studies in the economics literature is increasing in the recent years. The reason for this increasing interest is the inadequecy of the linear and static models of classical economics for representing the complex structures of the real world. Economy is composed...

Even the most rudimentary training from Economics 101 starts with demand curves going down and supply curves going up. They are so 'natural' that they sound even more obvious than the Euclidian postulates in mathematics. But are they? What do they actually mean? Start with "demand curves". Are...

We provide necessary conditions for Pareto optimum in economies where tastes or technologies may be nonconvex, nonsmooth, and affected by externalities. Firms can pursue own objectives, much like the consumers. Infinite-dimensional commodity spaces are accommodated. Public goods and material...

Traditional portfolio optimization models specify placement of capital as rather irrevocably and fully at risk through investment horizon(s) or continuously. Under this constraint, asset class allocation typically serves as primary mode of diversification, pursuing risk moderation by seeking to...

This paper studies asset pricing wherein the model combines dynamic learning and habit formation with agents' heterogeneous beliefs and preferences in a dynamic, stochastic, general-equilibrium, pure-exchange, international Lucas orchard. The intertemporal equilibrium model considers two groups...

This work studies asset pricing in which the model combines dynamic learning and heterogeneous habit formations with agents' heterogeneous beliefs and preferences in a continuous-time, general-equilibrium, and international endowment economy. The intertemporal and frictionless equilibrium model...

Can investors with incorrect beliefs survive in financial markets and have a significant impact on asset prices? My paper addresses this issue by analyzing a dynamic general equilibrium model where some investors have rational expectations while others have incorrect beliefs concerning the mean...

This article analyzes the implications of money illusion for investor behavior and asset prices in a securities market economy with inflationary fluctuations. Money illusion is modeled as an investor's partial overlooking the impact of inflation on the purchasing power of currency in his...

We give a functional description of the space of stochastic integrals with respect to a given family of martingales, based on the notion of direct integral of Hilbert spaces. We define the multiplicity function of a filtration and show, using our Hilbert space construction, that the multiplicity...