We consider a two-period, one-good financial market, featuring variance-averse investors. Under fairly weak assumptions, like those imposed in the capital asset pricing model, we demonstrate how equilibrium may be approached and computed. As main argument we use the two-dimensionality of pricing and the Poincare-Bedixon theory on planar flows.
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Length: 15 pages Date of creation: 2000 Date of revision: Handle: RePEc:fth:bereco:0700
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