Artikel
Competing in several areas simultaneously: The case of strategic asset markets
We characterize the structure of Nash equilibria for a certain class of asset market games. In equilibrium, different assets have different returns, and (risk neutral) investors with different wealth hold portfolios with different structures. In equilibrium, an asset's return is inversely related to the elasticity of its supply. The larger an investor, the more diversified is his portfolio. Smaller investors do not hold all the assets, but achieve higher percentage returns. More generally, our results can be applied also to other 'multi-market games' in which several players compete in several arenas simultaneously, like multi-market Cournot oligopolies, or multiple rent-seeking games.
- Language
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Englisch
- Bibliographic citation
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Journal: Games ; ISSN: 2073-4336 ; Volume: 2 ; Year: 2011 ; Issue: 2 ; Pages: 209-234 ; Basel: MDPI
- Classification
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Wirtschaft
- Subject
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asset markets
Nash equilibrium
multigames
- Event
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Geistige Schöpfung
- (who)
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Nermuth, Manfred
- Event
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Veröffentlichung
- (who)
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MDPI
- (where)
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Basel
- (when)
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2011
- DOI
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doi:10.3390/g2020209
- Handle
- Last update
- 10.03.2025, 11:43 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Nermuth, Manfred
- MDPI
Time of origin
- 2011
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