Verhaltensökonomik
Vom effizienten markt zum Homo Oeconomicus. Behavioral Finance und Behavioral Economics
Vom effizienten markt zum Homo Oeconomicus. Behavioral Finance und Behavioral Economics
Fichier Détails
| Cartes-fiches | 173 |
|---|---|
| Langue | Deutsch |
| Catégorie | Psychologie |
| Niveau | Université |
| Crée / Actualisé | 15.08.2014 / 11.03.2023 |
| Lien de web |
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Behavioral Strategy
A behavioral strategy of player i in an extensive game is a function that assigns to each of i's information set Ii a probability distribution over the strategies S(Ii) with the property that each probability distribution is independent of every other distribution
Weak sequential equilibrium
An assessment (β,μ), where β represents a behavioral strategy profile and μ a belief system, is a weak sequential equilibrium if it satisfies the following two conditions:
- Sequential rationality
- Weak consistency of beliefs with strategies
Sequential Rationality
Each players's strategy is optimal in the part of the game that follows each of her information sets, given the strategy profile and her belief about the history in the information sets that has occured.
Weak consistency of beliefs with strategies
For every information set Ii reached with positive probability given the strategy profile β, the probability assigned by the belief system to each history h* in Ii is given by Bayes' rule.
Extensive Game With Perfect Information
An extensive game with perfect information with a strategy profile in any weak sequential equilibrium is a subgame perfect equilibrium.
Inflation Bias
An "inflation bias" exists in the inflation rate in equilibrium is hiis higher than the optimal long-run inflation rate of zero.
Time Inconsistency
When "time inconsistency" is at work, a policy that seems optimal from today's view is no longer considered optimal when the time comes to act.
Definition "Neuroeconomics"
Neuroeconomics is the interdisciplinary study by neuroscientists and economists of the complex brain interactions between controlled and autonomic (or automatic) processes, and between cognitive and affective brain systems and the implications for economic behavior and the overall economy.
Definition eines kontrollierten und eines automatischen Prozesses
Kontrollierter Prozess: Seriell, Mühevoll / Anstrengend, absichtlich hervorgerufen, Guter introspektiver Zugang
Automatischer Prozess: Parallel, Mühelos, Reflexartig; kein introspektiver Zugang
Affective and cognitive processes
Affective processes, as defined by Zajonc (1980), address "go" or "no-go" questions.
Cognitive processes, in contrast, answer "true" or "false" questions.
Characteristics of Bubbles
A bubble emerges under rational or irrational market assumptions.
Bubble
A bubble exists when a socio-economic variable deviates from fundamentals or long-run average (equilibrium). Speculative bubbles are based on wrong assessments of future returns and new (previously unseen) market constellations.
Reward Prediction Error (RPE) Hypothesis
Dopamine responds to the difference between how rewarding an event is and how rewarding it was expected to be.
