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@inproceedings{48977,
author = {Černík, Ondřej and Valenčík, Radim},
address = {Praha},
booktitle = {Financial Markets 2021 – Innovations and Sustainability},
edition = {1},
keywords = {Investment opportunity; human capital; Pareto efficiency; cooperative games; Nash’s bargaining problem; productive consumption},
howpublished = {tištěná verze "print"},
language = {eng},
location = {Praha},
isbn = {978-80-7408-233-7},
pages = {16-30},
publisher = {Vysoká škola finanční a správní, a. s.},
title = {BASIC QUESTION OF FINANCIAL MARKETS THEORY},
url = {https://www.vsfs.cz/?id=3197-rocnik-2021},
year = {2021}
}
TY - JOUR
ID - 48977
AU - Černík, Ondřej - Valenčík, Radim
PY - 2021
TI - BASIC QUESTION OF FINANCIAL MARKETS THEORY
PB - Vysoká škola finanční a správní, a. s.
CY - Praha
SN - 9788074082337
KW - Investment opportunity
KW - human capital
KW - Pareto efficiency
KW - cooperative games
KW - Nash’s bargaining problem
KW - productive consumption
UR - https://www.vsfs.cz/?id=3197-rocnik-2021
N2 - The basic question of the financial markets theory can be formulated as follows: Why are investment opportunities (including those associated with the acquisition, retention and use of human capital) not used based on their rate of return. The paper substantiates the importance of this issue for understanding the development trends of financial markets, as well as the problems associated with the failure to use of investment opportunities. Subsequently, the original theoretical apparatus is presented, which is based on the connection of the microeconomic financial market model and the model of the financial market through cooperative games, specifically (S, d) Nash’s bargaining problem. The multipoint extension of this model makes it possible to reveal and describe the phenomenon of social position investment, which plays a key role in terms of the fundamental question of financial market theory.
ER -
ČERNÍK, Ondřej and Radim VALENČÍK. BASIC QUESTION OF FINANCIAL MARKETS THEORY. In \textit{Financial Markets 2021 – Innovations and Sustainability}. 1st ed. Praha: Vysoká škola finanční a správní, a. s., 2021, p.~16-30. ISBN~978-80-7408-233-7.
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