|Publication type:||Working paper – expertise – study|
|Title:||Rationally "irrational" : theory and empirical evidence|
|Publisher / Ed. Institution:||Centre for Economic Policy Research|
|Publisher / Ed. Institution:||London|
|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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