【摘要】 本文建立具有比例摩擦金融市场的简单两时期模型．经济人具有均值－方差偏好，并且在交易金融资产的过程中支付交易费用．本文证明了两种金融资产的一般经济均衡与资产定价的基本估值公式．更多还原

【Abstract】 This paper presents a simple two period model of the proportional frictional financial markets.The economic agents with mean variance preferences take transaction costs in the process of trading the financial assets,the buying and selling proportional per unit commission of the financial assets.The existence and uniquity of general equilibrium with two financial assets are shown,and basic valuation formula on asset pricing is given.更多还原