Publication type: Working paper – expertise – study
Title: Rationally "irrational" : theory and empirical evidence
Authors: Müller, Christian
Extent: 30
Issue Date: 2008
Publisher / Ed. Institution: Centre for Economic Policy Research
Publisher / Ed. Institution: London
Language: English
Subjects: Fundamental Uncertainty; Macro Finance; Rational Expectation
Subject (DDC): 330: Economics
Abstract: This paper presents a model for asset markets with a subjectively rational solution for the price of the traded assets. Consequently, traders cannot act objectively rational and an increase in the numbers of traders does not enlarge the information set necessary for determining the "true" price. An empirical test is suggested. It demonstrates the relevance of the argument.
License (according to publishing contract): Licence according to publishing contract
Departement: School of Management and Law
Organisational Unit: Center for Economic Policy (FWP)
Appears in collections:Publikationen School of Management and Law

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