کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5099620 1377019 2007 26 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
A simple asset pricing model with social interactions and heterogeneous beliefs
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
A simple asset pricing model with social interactions and heterogeneous beliefs
چکیده انگلیسی
This paper investigates the dynamics of a simple present value asset pricing model with social interactions and heterogeneous beliefs. Investors revise their beliefs in each period according to two features: the 'fitness measure' which is the past realized profit and the exogenous 'social interactions measure' which is the interaction among traders' expectations of the mean choice level in the economy. The endogenous type of social interactions arises naturally when there exist both exogenous social interactions and heterogeneous beliefs among traders. Furthermore, it is shown that the characteristics of the steady state and the dynamic behavior of asset prices are mainly determined by the strength of the endogenous type of social interactions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 4, April 2007, Pages 1300-1325
نویسندگان
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