English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

The core of financial economic theory is the study of the micro behavior of agents in the intertemporal deployment of their resources in an environment of uncertainty. Economic organizations are regarded as existing primarily to facilitate these allocations and are, therefore, endogenous to the theory. From within the permeable and flexible boundaries of this core, I choose on this occasion to explore the risk-pooling and risk-sharing roles of financial intermediaries and to derive some of the operating technologies that can be used to fulfill those roles. The tool of analysis is the continuous-time model of finance. The focus is on the economic function of financial intermediaries, rather than on their specific institutional structure. Nevertheless, the institutional homes of the financial products and management techniques studied can be readily associated with current structures of banks, investment-management firms, and insurance companies.

On the Application of the Continuous-Time Theory of Finance to Financial Intermediation and Insurance