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2020 | OriginalPaper | Chapter

12. Verhaltens- und evolutionsökonomische Betrachtung von Finanzmarktprozessen

Author : Thomas Holtfort

Published in: Megatrends aus Sicht der Volkswirtschaftslehre

Publisher: Springer Fachmedien Wiesbaden

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Zusammenfassung

Die klassische Finanztheorie betrachtet Finanzmärkte und deren Teilnehmer als rational, wonach neue Informationen von den Teilnehmern sofort adaptiert und korrekt in die Preisbildung miteinbezogen werden. Der verhaltensökonomische Behavioral-Finance-Ansatz verneint dagegen die Rationalitätsannahme stringent und versucht, die Funktionsweise von Finanzmärkten und deren Teilnehmern über psychologische Faktoren (Heuristiken) zu erklären. Die klassische Finanztheorie und der Behavioral-Finance-Ansatz haben somit eine Gemeinsamkeit: Sie unterstellen einen repräsentativen Marktteilnehmer, auch wenn dieser entweder vollkommen rational oder ausschließlich heuristisch entscheidet. Evolutionary Finance versucht, Marktverhalten und Preisdynamiken über die Heterogenität von Teilnehmern, Veränderungen und Lernverhalten zu erklären. Aufbauend auf darwinistischen Begriffen, wie Selektion, Mutation und Anpassung, lässt sich der Begriff der dynamischen Rationalität ableiten, welcher zu einem neuen Verständnis von Finanzmärkten führen kann.

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previous chapter Beendet die Digitalisierung das deutsche Jobwunder?

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Solche Risiken könnten zukünftig z. B. durch neue digitale Techniken, wie Robo Advisor (roboterähnliche Berater im Internet) abgemildert werden. Diese unterliegen, im Gegensatz zum Menschen, keinen Heuristiken.

Auch hier werden künftig digitale Robo Advisor Vorteile haben, da sie sich nicht von vergangenen Erfolgen beeinflussen lassen. Somit haben Emotionen auch keinen Einfluss auf das Handelsvolumen.

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Title: Verhaltens- und evolutionsökonomische Betrachtung von Finanzmarktprozessen
Author: Thomas Holtfort
Publisher: Springer Fachmedien Wiesbaden
Book: Megatrends aus Sicht der Volkswirtschaftslehre
Print ISBN: 978-3-658-30128-6

Electronic ISBN: 978-3-658-30129-3

Copyright Year: 2020
DOI: https://doi.org/10.1007/978-3-658-30129-3_12