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12. Verhaltens- und evolutionsökonomische Betrachtung von Finanzmarktprozessen

verfasst von : Thomas Holtfort

Erschienen in: Megatrends aus Sicht der Volkswirtschaftslehre

Verlag: 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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Vorheriges Kapitel Beendet die Digitalisierung das deutsche Jobwunder?

Nächstes Kapitel Internet-Ökonomik – Musik-Streaming, Apps und soziale Netzwerke aus mikroökonomischer Sicht

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.

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Titel: Verhaltens- und evolutionsökonomische Betrachtung von Finanzmarktprozessen
verfasst von: Thomas Holtfort
Verlag: Springer Fachmedien Wiesbaden
Buch: Megatrends aus Sicht der Volkswirtschaftslehre
Print ISBN: 978-3-658-30128-6

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

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