Can representativeness heuristic traders survive in a competitive securities market?

被引：6

作者：

Luo, Guo Ying ^{[1
]}

机构：

[1] McMaster Univ, DeGroote Sch Business, Dept Finance & Business, Hamilton, ON L8S 4M4, Canada

来源：

JOURNAL OF FINANCIAL MARKETS | 2013年 / 16卷 / 01期

关键词：

Representativeness heuristic traders; Survivorship; Natural selection; JUDGMENT; OVERCONFIDENCE; PSYCHOLOGY; INVESTORS; MODEL;

D O I：

10.1016/j.finmar.2012.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The literature views aggressive trading behavior as the key for representativeness heuristic traders to survive in competition with rational traders. This paper provides another reason. That is, in this dynamic model of a competitive securities market, representativeness heuristic traders can derive more expected profit from the misvaluations (created by noise traders) than can rational traders. Consequently, the expected profit for heuristic traders can be bigger than that for rational traders. If traders' types replicate according to the profitability of the strategies, heuristic traders can survive or even drive out rational traders. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：152 / 164

页数：13

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