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  1. 1 Research Papers in Economics and Finance

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  1. 1 Kaganov V.

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  1. 1 2017

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Theoretical Framework for Stock Pricing Process based on Micro-Economic Decision Model

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Kaganov V.
Research Papers in Economics and Finance
|
2017
|
vol. 2
|
issue 2
29-37
EN
The most common model for asset pricing (CAPM) is problematic and does not match the reality. In this article, I introduce a theoretical framework for a new model which aims at avoiding the problems of CAPM and keeping its advantages, therefore allowing universality of asset pricing. The model is built on the economic principles, using a budget constraint and a Risk Appetite (RA) function. It is based on the micro-economic decision model, involving an expected value and dividing a stock price to objective and subjective prices. As a result, rational based individuals, just like individuals with non-rational factors, may use the model to calculate a future price stock in exactly the same way.
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