A game theory analysis of options by Ziegler A.

By Ziegler A.

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10) However, this definition of private disposable income does not equal consumption plus the change in household wealth, because the change in the value of equities in any period does not equal fixed investment at current prices. To obtain a definition of disposable income which makes savings equal to the change in wealth it is necessary to add in the change in the market value of the opening stock of equity k–1 · (p · q − p–1 · q–1 ) as well as any difference between the cost of investment in the period and the equity market valuation of it p · Δk · (q − 1).

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28 Early Views on the Stock–Flow Coherent Approach Consistent accounting in real terms So far we have outlined an accounting system which is consistent in the sense that the difference between income and current expenditure is equal to the change in stocks as defined in the balance sheets. In order to investigate the effect of inflation on real stocks and flows it is first necessary to translate the nominal system into real terms, preserving the same budget constraint that changes in real stocks should equal real income less real current expenditure.

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