北大微观经济学课件(英文版)ch11AssetMarkets-公开课件（设计）.pptVIP

中级微观经济学 中级微观经济学 * 中级微观经济学 Chapter Eleven Asset Markets 资金市场 * 中级微观经济学 Structure When to sell an asset? Rate-of-return Arbitrage Taxation of asset returns Depletable resources Financial intermediaries * 中级微观经济学 Assets （资产） An asset is a commodity that provides a flow of services over time. E.g. a house, or a computer. A financial asset （金融资产）provides a flow of money over time -- a security. * 中级微观经济学 Assets Typically asset values are uncertain. Incorporating uncertainty is difficult at this stage so we will instead study assets assuming that we can see the future with perfect certainty. * 中