《金融投资学》课程教材讲义（金融投资与金融投资学）第八章 证券投资基本分析 第四节 证券投资的微观分析

Microeconomics Microeconomics(微观经济学) is the study of how individual households and firms make decisions and how they interact with one another in markets

一、金融市场 宏观层面:金融框架 微观层面:定价、风险管理 二、公司财务

Structure From Individual to Market Demand Functions Elasticities Revenue and ownprice- elasticity of demand Marginal revenue and price elasticity

Structure The cost minimization problem Average costs Returns to scale and total and average costs Short run and long run costs

Structure Utility function(效用函数) Definition Monotonic transformation(单调转换) Examples of utility functions and their indifference curves Marginal utility(边际效用) Marginal rate of substitution边际替代率 MRS after monotonic transformation

Structure Money equivalent of utility gains to trade Consumer's' surplus Changes in consumer's' surplus Compensating and equivalent variations Producer's' surplus

Structure Endowments(禀赋) Budget constraints with endowments Net demands -Price offer curve Example: Labor supply Comparative statics Slutsky equation revisited

Structure When to sell an asset? -rate-of -return- Arbitrage Taxation of asset returns Depletable resources Financial intermediaries

Structure Describe budget constraint -Algebra Graph Describe changes in budget constraint Government programs and budget constraints on- -linear budget lines