재무관리논총 (The Korean Journal of Financial Studies)

한국재무관리학회 (Korean Financial Management Association)
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EVALUATION OF ILLIQUID ASSETS

  • 발행 : 1996.10.30
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초록

This paper studies evaluation of illiquid assets by using a consumption and investment model. In particular, the paper defines the marginal values of illiquid assets and shows how optimal consumption and investment policies are related to the marginal values. The general results are illustrated by two concrete examples.

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