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Towards an equilibrium theory of the mutual fund industry

Author: Dermine, Jean ; Neven, Damien J. ; Thisse, JacquesINSEAD Area: FinanceIn: Journal of Banking and Finance, vol. 15, no. 3, June 1991 Language: EnglishDescription: p. 485-499.Type of document: INSEAD ArticleNote: Please ask the Library for this articleAbstract: This paper considers an industry in which mutual funds can form portfolios at lower cost than individual investors. Investors can gather their own portfolio from primary securities and/or shares of mutual funds. In this context, competition between mutual funds is modelled as a non-cooperative game in which funds select their portfolios. It is shown that a small number of funds suffices to ensure a Pareto superior equilibrium
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This paper considers an industry in which mutual funds can form portfolios at lower cost than individual investors. Investors can gather their own portfolio from primary securities and/or shares of mutual funds. In this context, competition between mutual funds is modelled as a non-cooperative game in which funds select their portfolios. It is shown that a small number of funds suffices to ensure a Pareto superior equilibrium

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