 BEHAVIOUR AND INFORMATION ON FINANCIAL MARKETEmil Dinga
Revista Economica, 2021, vol. 73, issue Special, 132-143 Abstract: Generally, the main three logical models of financial markets (Efficient Market Hypothesis - EMH, Adaptive Market Hypothesis - AMH, and even - partially - Behavioural Market Hypothesis - BMH) take for granted the idea that information drives behaviour, therefore, information is always the channel through the decision is taken, no matter whether such a decision is optimal or sub-optimal. The paper critically examines such an "axiom" and proposes a causally inversion of the relation, that is, it argues that (in the most part), in fact, behaviour drives information, To this end, a new typology of information as well as a new typology of information mixes available to the economic agent are provided and discussed. The research is conducted in a logical key, and the two main findings are: a) the informational-based model of financial market should be replaced by a behaviour-based one; b) the informational efficiency of financial market should be replaced by a behavioural efficiency one. The paper claims its origin and target from institutionalism and evolutionism in the microeconomic academic research. Keywords: information; behaviour; financial market; EMH; AMH (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:blg:reveco:v:73:y:2021:i:special:p:132-143 Access Statistics for this article More articles in Revista Economica from Lucian Blaga University of Sibiu, Faculty of Economic Sciences Lucian Blaga University of Sibiu, Faculty of Economic Sciences Dumbravii Avenue, No.17, postal code 550324, Sibiu, Romania. Contact information at EDIRC. |
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