Portfolio models typically ignore precautionary transactions demands for liquid assets, and models of precautionary demands typically ignore asset rate-of-return risk. If asset-holders are risk-averse, however, both transactions risk and rate-of-return risk affect demands for both liquid and...

Portfolio models typically ignore precautionary transactions demands for liquid assets, and models of precautionary demands typically ignore asset rate-of-return risk. If asset-holders are risk-averse, however, both transactions risk and rate-of-return risk affect demands for both liquid and...

In games with compact pure strategy spaces, the continuity of the payoff functions is preserved in the expected payoff functions of the mixed extension. This note provides an elementary proof of this fact, showing that the commonly assumed Hausdorff property is, in fact, not needed.

In games with compact pure strategy spaces, the continuity of the payoff functions is preserved in the expected payoff functions of the mixed extension. This note provides an elementary proof of this fact, showing that the commonly assumed Hausdorff property is, in fact, not needed.