文章基本信息

标题：Investor Naïveté and Asset Prices
本地全文：下载
作者：Jonathan Cook
期刊名称：Journal of Mathematical Finance
印刷版ISSN：2162-2434
电子版ISSN：2162-2442
出版年度：2013
卷号：03
期号：04
页码：448-453
DOI：10.4236/jmf.2013.34047
语种：English
出版社：Scientific Research Publishing
摘要：This paper describes strategic behavior in a nonequilibrium model of asset pricing with heterogeneous sophistication. Both risk and return are increasing in the na?veté of investors in the market. Optimal investment involves in considering the effect that na?ve investors have on the market. Further, we derive a simple characterization of the asset price dynamics that results from an arbitrary combination of a countably infinite set of investor types.
关键词：Level- k- Model; Nonequilibrium Strategic Thinking; Technical Analysis