Subjektive Kurserwartungsbildung auf Aktienmärkten. Rationaler Erwartungsansatz versus Ansatz der Quartischen-Modalwert-Erwartungen / The Individual Expectation Formation Process on Stock Markets. Rational Expectations vs. Q-Mode-Expectations
Summary With this paper we attempt to complement the discussion on price volatility on stock markets by an approach, which can also take into consideration so-called nonrational behaviour. This happens by formally integrating socioeconomic elements into the price expectation process of the share holder. To model this the relatively unknown approach of the Q-Mode-Expectations is used and is faced with Rational Expectations normally used in models of financial markets. As a result we obtain over- and underevaluations or even sudden changes of the individual price expectation compared with the fundamental value which can be mainly attributed to psychological influences.
Year of publication: |
1995
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Authors: | Kugler, Friedrich ; Hanusch, Horst |
Published in: |
Jahrbücher für Nationalökonomie und Statistik. - Lucius & Lucius, ISSN 2366-049X, ZDB-ID 2416178-0. - Vol. 214.1995, 2, p. 195-208
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Publisher: |
Lucius & Lucius |
Saved in:
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