LEADER 05630nam 2200853Ia 450 001 9910465465903321 005 20211005222802.0 010 $a0-19-102729-4 010 $a1-281-97830-2 010 $a0-585-38284-0 010 $a9786611978303 010 $a0-19-152165-5 010 $a0-19-828782-8 035 $a(CKB)2560000000293822 035 $a(EBL)104020 035 $a(OCoLC)56134224 035 $a(SSID)ssj0000485686 035 $a(PQKBManifestationID)11311927 035 $a(PQKBTitleCode)TC0000485686 035 $a(PQKBWorkID)10608789 035 $a(PQKB)10110200 035 $a(SSID)ssj0000088093 035 $a(PQKBManifestationID)11123918 035 $a(PQKBTitleCode)TC0000088093 035 $a(PQKBWorkID)10071368 035 $a(PQKB)10522037 035 $a(StDuBDS)EDZ0000074220 035 $a(MiAaPQ)EBC3052906 035 $a(Au-PeEL)EBL3052906 035 $a(CaPaEBR)ebr10274598 035 $a(CaONFJC)MIL197830 035 $a(OCoLC)922953826 035 $a(MiAaPQ)EBC104020 035 $a(Au-PeEL)EBL104020 035 $a(EXLCZ)992560000000293822 100 $a19940411d1993 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMacro markets$b[electronic resource] $ecreating institutions for managing society's largest economic risks /$fRobert J. Shiller 210 $aOxford $cClarendon Press ;$aNew York $cOxford University Press$d1993 215 $a1 online resource (267 p.) 225 1 $aClarendon lectures in economics 300 $aDescription based upon print version of record. 311 $a0-19-829418-2 311 $a0-19-159692-2 320 $aIncludes bibliographical references (p. 228-240) and indexes. 327 $aPreface; Acknowledgements; Contents; 1 Introduction; The ideal: A world market for major income risks; Hedging income risk in today's markets; Markets as inventions; Markets as accidents of history; 2 Psychological Barriers; Research on psychology and risk perceptions; Lack of information and ambiguity; Demand for insurance by firms; Social-psychological factors; Gambling behavior; Speculative behavior; Promoting proper public use of macro markets; Psychological barriers: summing up; 3 Mechanisms for Hedging Long Streams of Income; Settlement based on cash-market asset price 327 $aSettlement based on measures of income rather than priceExchange-guaranteed securities markets for perpetual claims on indices; Perpetual futures; Rational speculative bubbles; Appendix to Chapter 3: Futures markets; 4 National Income and Labor Income Markets; Market structure and associated institutions; Problems enforcing payments of losses; Other users of aggregate income markets; Markets in actual or full-employment income?; Measurement issues; Measuring uncertainty about present values of incomes; Results with individual countries; World market return and betas; Cross hedging 327 $aInterpretation of resultsAppendix to Chapter 4: Econometric methods; 5 Real Estate and Other Markets; Real estate; Markets in residential real estate and urban land; Effects of hedging markets on cash market inefficiency; Commercial real estate; Land containing natural resources; Unincorporated businesses and privately held corporations; Consumer and producer price-index futures; Aggregate price-level risk; Components of consumer or producer price indices; Agriculture; The use of agricultural futures by farmers; Intermediaries; Difficulties measuring the cost of hedging 327 $aInadequacy of short-term hedging to manage farmers' risk wellCreating long-term hedging markets in agriculture; Art and collectibles; Systematic approaches to finding other markets; 6 The Construction of Index Numbers for Contract Settlement; Analogies to other indices used to settle contracts; Extending chain indices to infrequently traded assets '; Basics of hedonic indices; Problems in measuring quality; Repeated measures and hedonics; Simplifying regression forms; Ordinary repeated-measures indices; Hedonic repeated-measures index; Arithmetic repeated-measures indices 327 $a7 Index Numbers: Issues and AlternativesExpected incidence of repeated measures: standard errors; Binomial model; Equal-representation model; Restrictions on coefficients of subject dummies and hedonic variables; Smoothing and improving indices: Bayesian methods; Choice of hedonic variables; Hedonic variables related to improvements; Hedonic variables related to depreciation; Market conditions as hedonic variables; Other models; Factor-analytic models: interaction effects; Selection bias corrections; Interpretation; 8 The Problem of Index Revisions 327 $aVariance components in regression-per-period hedonics 330 $aThis work puts forward a set of detailed proposals for establishing new markets for the management of the biggest economic risks facing society. Existing financial markets are seen as being inadequate in dealing with such risks and the text suggests major new markets as solutions to the problem. 410 0$aClarendon lectures in economics. 606 $aStock exchanges 606 $aRisk 606 $aMarkets 608 $aElectronic books. 615 0$aStock exchanges. 615 0$aRisk. 615 0$aMarkets. 676 $a332.042 676 $a332/.042 700 $aShiller$b Robert J$0124848 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910465465903321 996 $aMacro markets$9461597 997 $aUNINA