Arbeitspapier
Complex Evolutionary Systems in Behavioral Finance
Traditional finance is built on the rationality paradigm. This chapter discusses simple models from an alternative approach in which financial markets are viewed as complex evolutionary systems. Agents are boundedly rational and base their investment decisions upon market forecasting heuristics. Prices and beliefs about future prices co-evolve over time with mutual feedback. Strategy choice is driven by evolutionary selection, so that agents tend to adopt strategies that were successful in the past. Calibration of simple complexity models with heterogeneous expectations to real financial market data and laboratory experiments with human subjects are also discussed.
- Sprache
-
Englisch
- Erschienen in
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Series: Tinbergen Institute Discussion Paper ; No. 08-054/1
- Klassifikation
-
Wirtschaft
Estimation: General
Design of Experiments: Laboratory, Individual
Design of Experiments: Laboratory, Group Behavior
Expectations; Speculations
Asset Pricing; Trading Volume; Bond Interest Rates
- Thema
-
Asset pricing
heterogeneous beliefs
empirical validation
forecasting experiments
Anlageverhalten
Test
Agentenbasierte Modellierung
Evolutionsökonomik
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Hommes, Cars
Wagener, Florian
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Hommes, Cars
- Wagener, Florian
- Tinbergen Institute
Entstanden
- 2008
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