For this reason, ZC bonds are described only as bonds with a given number of years to maturity (e.g. 'fourteen-year' bonds). In order to obtain definite predictions, it is necessary to embed the arbitrage principle in a framework that imposes additional conditions on the observable pattern of prices. Gucci Jacquard Leather Trim. Only when equilibrium is attained will the set of prices (and hence rates of return) be compatible with the planned portfolios of investors and the stocks of assets. Gucci Jelly Flats Online. One approach is to assume that investors are identical in every respect so that the analysis applies to a 'representative individual'. Gucci Jacquard Leather Trim. If - as perhaps seems more likely - the rate of return on low-risk investments is not sufficient to reach the target wealth level, then, once again, there are no clear predictions about how portfolio shares should change over the life cycle. Pelham Gucci Purse. Futures contracts and the markets in which they are traded represent one of the most important classes of financial derivatives. Gucci Jacquard Leather Trim. The noise trader approach received early stimulus from Black (1986); an overview is provided by Shleifer and Summers (1990) and a detailed analysis by Shleifer (2000).