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@inproceedings{9656, author = {Černík, Ondřej and Valenčík, Radim}, address = {Praha}, booktitle = {Financial Markets 2021 – Innovations and Sustainability}, edition = {1}, editor = {Otakar Schlossberger}, 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 - 9656 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 Otakar Schlossberger. \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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