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

Kugler Friedrich and Hanusch Horst
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Kugler Friedrich: Universität Augsburg, Lehrstuhl für VWL V, Universitätsstraße 2, D-86135 Augsburg
Hanusch Horst: Universität Augsburg, Lehrstuhl für VWL V, Universitätsstraße 2, D-86135 Augsburg

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 1995, vol. 214, issue 2, 195-208

Abstract: 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.

Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:214:y:1995:i:2:p:195-208

DOI: 10.1515/jbnst-1995-0207

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