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Oonagh McDonald

) cannot be certain of the competence or diligence of their appointed agents, which is certainly true and explains the reason for regulation designed to protect the consumer, not all of which is simply reactive; that is, it is in place before some disasters occur. Introducing the agents certainly does bring greater realism to asset-pricing models and can be shown to transform the analysis and output. Importantly, this is achieved whilst maintaining the assumption of fully rational behaviour on the part of all concerned. Such

in Lehman Brothers