Animal Spirits and Risk in Financial Markets

• Autorzy: Jukka Ilomäki
• Języki publikacji: EN

Abstrakty

EN

Keynes argues that a beauty contest in financial markets is a combination of rational higher-order beliefs and market psychology or animal spirits. We find that a stable equilibrium, where also market psychology is included, can be possible if uninformed investors agree to reduce their required rate of return indicating that they enlarge the risk of their investment with the animal spirits component. (original abstract)

Słowa kluczowe

EN

Keynesian theory; Portfolio securities; Social psychology of risk; Financial markets; Animal spirits

PL

Keynesizm; Portfel papierów wartościowych; Społeczna psychologia ryzyka; Rynki finansowe; Zwierzęce instynkty

• Czasopismo: Journal of Banking and Financial Economics
• Rocznik: 2018
• Numer: nr 1(9)
• Strony: 52--59

Twórcy

autor

Jukka Ilomäki

• University of Tampere

Bibliografia

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Identyfikatory

DOI

10.7172/2353-6845.jbfe.2018.1.3