Rynki finansowe w warunkach ograniczonej racjonalności

• Authors: Łukasz Ambroziak

Title variants

EN

Financial markets in the conditionsof bounded rationality

• Languages of publication: PL

Abstracts

EN

In this paper an attempt was made to clarify the reasons of price movements on financial markets in the conditions of decision-makers bounded rationality. The emphasis of rationality of individuals, which is limited by information they have and the cognitive limitations of their minds, allowed to discuss the hypothesis of efficient markets and an assumption of their rational expectations. As a results of these considerations a model of financial markets was formulated in which an investor could choose different investment strategies and decide to change originally chosen ones as a consequence of their bounded rationality.

Keywords

EN

financial markets; bounded rationality; efficient market hypothesis

• Publisher: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
• Journal: Ekonomia XXI Wieku
• Year: 2014
• Issue: 3(3)
• Pages: 76-93

Contributors

author

Łukasz Ambroziak

• Uniwersytet Ekonomiczny we Wrocławiu

References

• Becker G.S., Irrational behaviour and economic theory, ,,Journal of Political Economy” 1962, vol. 10 70, no. 1.
• Blanchard O.J., Bubbles, rational expectations and financial markets, Working Paper no. 945, National Bureau of Economic Research, July 1982.
• Blanchard O.J., „Neoclassical synthesis” [w:] The New Palgrave: A Dictionary of Economics, vol. 3.
• Evans G.W., Honkapohja S., An interview with Thomas J. Sargent, ,,Macroeconomic Dynamics” 2005, no. 9.
• Fam E.F., Efficient capital markets: a review of theory and empirical work, ,,The Journal of Finance” 1970, vol. 25, no. 2.
• Kahneman D., Tversky A., Judgment under Uncertainty: Heuristics and Biases, Science, 185:4157.
• Kahneman D., Tversky A., Prospect Theory: An Analysis of Decision under Risk, ,,Econometrica” 1979, vol. 47, no. 2.
• Kahneman D., Pułapki myślenia: O myśleniu szybkim i wolnym, Media Rodzina, Warszawa 2012.
• Keynes J.M., Ogólna teoria zatrudnienia, procentu i pieniądza, Wydawnictwo Naukowe PWN, Warszawa 2011.
• Krawczyk M., Ekonomia eksperymentalna, Oficyna a Wolters Kluwers business, Warszawa 2012.
• Lucas R.E., Wykłady z teorii wzrostu gospodarczego, Wydawnictwo C.H. Beck, Warszawa 2010.
• Machina M.J., Choice under uncertainty: problems solved and unsolved, ,,Economic Perspectives” 1987, vol. 1, no. 1.
• Neumann J. von, Morgenstern O., Theory of Game and Economic Behavior, Princeton University Press, Princeton, NJ. 1953.
• Smith V., Racjonalność w ekonomii, Oficyna Wydawnicza a Wolters Kluwer business, Warszawa 2013.
• Shiller R.J., From efficient markets theory to behavioral finance, ,,The Journal of Economic Perspectives” 2003, vol. 17, no. 1.
• Simon H.A., Rational decision making in business organizations, ,,American Economic Review” 1955, no. 69.
• Stiglitz J.E., Informacja i zmiana paradygmatu w ekonomii, cz. I, „Gospodarka Narodowa” 2004a, nr 3, cz. II, „Gospodarka Narodowa” 2004b, nr 4.
• Straffin P.D., Teoria gier, Wydawnictwo Naukowe Scholar, Warszawa 2001.
• Williamson O.E., The economics of organization: the transaction cost approach, ,,American Journal of Sociology” 1981, vol. 87, iss. 3.