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PL
Przedmiotem rozważań jest wprowadzona przez Piaseckiego behawioralna wartość bieżąca (BPV) odzwierciedlająca wpływ wybranych czynników behawioralnych na nieprecyzyjną ocenę wartości bieżącej. Pierwotnym modelem formalnym BPV była liczba rozmyta. Łyczkowska-Hanćkowiak zaproponowała i uzasadniła nadanie BPV orientacji. W ten sposób BPV została reprezentowana za pomocą skierowanych liczb rozmytych. Głównym celem tej pracy jest wyznaczenie zorientowanej BPV dwuskładnikowego portfela. Uzyskany wynik został uogólniony do przypadku portfela wieloskładnikowego.
EN
The subject of considerations is Piasecki’s behavioural present value (BPV), which describes the influence of selected behavioural factors on the imprecise evaluation of present value. The original formal model of BPV was a fuzzy number. Łyczkowska- -Hanćkowiak has proposed and justified the designation of BPV orientation. In this way BPV was represented by ordered fuzzy number. The main purpose of this work is to designate the oriented BPV of two-assets portfolio. Obtained results are generalized to the case of multi-assets portfolio.
PL
Wartość bieżąca jest rozważana jako użyteczność strumienia finansowego. Dzięki temu można było określić, w jaki sposób awersja do ryzyka utraty płynności wpływa na stopę dyskonta. Otrzymany model został zastosowany w finansach behawioralnych.
EN
Present value is considered as the utility of cash flow. Therefore discount rate is presented as a trend dependent on risk aversion. Obtained model was applied for behavioural finance.
EN
The effects of investment decisions are different. Many studies show that the average investor earns significantly below their expectations, and often even below the market average. The blame for this could be the irrational investors behaviors. The cause of these behaviors are among the others behavioral inclinations. The paper presents methods which show the effects of irrational behavior of investors, as well as methods that allow the verification of behavioral inclinations.
EN
The behavioural present value is defined as a fuzzy number assessed under the impact of chosen behavioural factors. The first formal model turned out to be burdened with some formal defects which are finally corrected in the presented article. In this way a new modified formal model of a behavioural present value is obtained. New model of the behavioural present value is used to explain the phenomenon of market equilibrium on the efficient financial market remaining in the state of financial imbalance. These considerations are illustrated by means of extensive numerical case study.
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