haku: @author Rubinstein, M. / yhteensä: 15
viite: 3 / 15
| Tekijä: | Rubinstein, M. |
| Otsikko: | Rational Markets: Yes or No? The Affirmative Case |
| Lehti: | Financial Analysts' Journal
2001 : MAY-JUN, VOL. 57:3, p. 15-29 |
| Asiasana: | MARKETS FINANCIAL MARKETS INVESTORS |
| Kieli: | eng |
| Tiivistelmä: | Although academic models often assume that all investors are rational, this assumption is clearly an expository device not to be taken seriously. What is in contention is whether markets are "rational" in the sense that prices are set as if all investors are rational. The author maintains that not only are developed financial markets minimally rational, they are, with two qualifications, rational. The author contends that, realistically, market rationality needs to be defined so as to allow investors to be uncertain about the characteristics of other investors in the market. The author also argues that investor irrationality, to the extent that it affects prices, is particularly likely to be manifest through overconfidence, which in turn, is likely to make the market "hyper-rational." |
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