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2017 | OriginalPaper | Buchkapitel

3. Heterodox Investment Theory

verfasst von : Thomas Pistorius

Erschienen in: Heterodox Investment Theory

Verlag: Springer International Publishing

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Abstract

The heterodox investment theories do not pretend to predict profitably and aim at explanation or modelling of financial markets. The ideological criticism of modern finance, political finance, uses elements of behavioural and bubble criticisms, and combines them with the criticism on free markets in general. Mandelbrot’s fractal finance provides within the rational mathematical tradition an alternative statistical theory, which models seemingly predictive patterns in financial markets, wild volatility, and bubbles. The bubble theory explains how bubbles in (financial) markets arise. Behavioural finance is insightful and helps to reflect on decision making, and explains behaviour of market participants. The bottom-up approach of evolutionary finance yields an interesting alternative to the top-down approach of modern investment theory. Concerning the depth of the rival theories of finance, they all have substantial backing and empirical proofs which can compete scientifically with modern investment theory.

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Vorheriges Kapitel The History of Investment Theory

Nächstes Kapitel Investment Theory, Probability Theory, and Uncertainty

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Titel: Heterodox Investment Theory
verfasst von: Thomas Pistorius
Verlag: Springer International Publishing
Buch: Heterodox Investment Theory
Print ISBN: 978-3-319-55004-6

Electronic ISBN: 978-3-319-55005-3

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-55005-3_3