Archivio per 12 ottobre 2014

12
Ott
14

Behavioral Finance and Agent Based Model: the new evolving discipline of quantitative behavioral finance ?

See on Scoop.itBounded Rationality and Beyond

Abstract: The financial crisis of recent years has deeply questioned the ability of the traditional economic models to help to govern the complexity of the modern financial world. A growing number of scholars, practitioners, and regulators agree that the recurring financial crisis as well as the overwhelming evidence of market anomalies could be explained only resorting to behavioral finance. Behavioral finance has been able to identify the individual investor irrationality but unable to quantify its total effect on the market in terms of price deviation from fundamental. Quantitative Behavioral Finance (QBF) is an emerging discipline that attempts to model the impact of human cognitive biases over asset prices. The aim of this paper is to provide an overview of its theoretical foundations and its challenges. The paper is divided in two parts. In the first one, we present a much selected literature review of the key theoretical foundations. Why does this new field of study emerge ? What topics does it study ? Which disciplines have contributed the most and why ? In the second part, the paper sketches an outline and provides a preliminary, set of references about the agent-based model approach as one of the most promising line of research in quantitative modeling the behavioral investorsÕ impact on the market. The literature surveyed supports the use of this class of models because of their capability in copying with heterogeneous agentsÕ behaviours either rational or bounded rational without losing the ability to identify and examine how each of them operates separately or in interaction. Taken as a whole, the articles reviewed here indicate that many open issues remains both on the theoretical design of agent based models, due to the large degree of freedom of modelers, and on the empirical use of this class of models for real political economic implications, due to the arduous methods for the model validation, calibration and estimation.

See on econpapers.repec.org

12
Ott
14

Behavioral Finance and Agent Based Model: the new evolving discipline of quantitative behavioral finance ?

http://docs.google.com/viewer?url=http%3A%2F%2Feconpapers.repec.org%2Fscripts%2Fredir.pf%3Fu%3Dhttp%253A%252F%252Fwww.dis.uniroma1.it%252F%7Ebibdis%252FRePEc%252Faeg%252Freport%252F2014-13.pdf%3Bh%3Drepec%3Aaeg%3Areport%3A2014-13&embedded=true

Abstract: The financial crisis of recent years has deeply questioned the ability of the traditional economic models to help to govern the complexity of the modern financial world. A growing number of scholars, practitioners, and regulators agree that the recurring financial crisis as well as the overwhelming evidence of market anomalies could be explained only resorting to behavioral finance. Behavioral finance has been able to identify the individual investor irrationality but unable to quantify its total effect on the market in terms of price deviation from fundamental. Quantitative Behavioral Finance (QBF) is an emerging discipline that attempts to model the impact of human cognitive biases over asset prices. The aim of this paper is to provide an overview of its theoretical foundations and its challenges. The paper is divided in two parts. In the first one, we present a much selected literature review of the key theoretical foundations. Why does this new field of study emerge ? What topics does it study ? Which disciplines have contributed the most and why ? In the second part, the paper sketches an outline and provides a preliminary, set of references about the agent-based model approach as one of the most promising line of research in quantitative modeling the behavioral investorsÕ impact on the market. The literature surveyed supports the use of this class of models because of their capability in copying with heterogeneous agentsÕ behaviours either rational or bounded rational without losing the ability to identify and examine how each of them operates separately or in interaction. Taken as a whole, the articles reviewed here indicate that many open issues remains both on the theoretical design of agent based models, due to the large degree of freedom of modelers, and on the empirical use of this class of models for real political economic implications, due to the arduous methods for the model validation, calibration and estimation.

Source: econpapers.repec.org

See on Scoop.itBounded Rationality and Beyond

12
Ott
14

The Social Consequences of Collective Emotions: National Identification, Solidarity, and Out-Group Derogation

See on Scoop.itBounded Rationality and Beyond
AbstractThis chapter elaborates on various effects of collective emotions on larger socialunits with a special emphasis on nations and the imagined national community. Basedon Durkheim’s theoretical framework, we discuss empirical evidence regardinginfluence of collective emotions on national identification and emotional climate, onthe perception of national symbols, and on the rejection and derogation of outgroups. Empirical evidence largely supports a positive association of collective emotions withnational identification, emotional climate, and the perception of national symbols.Results on out-group derogation and rejection, however, are less conclusive.  
See on academia.edu

12
Ott
14

The Social Consequences of Collective Emotions: National Identification, Solidarity, and Out-Group Derogation

AbstractThis chapter elaborates on various effects of collective emotions on larger socialunits with a special emphasis on nations and the imagined national community. Basedon Durkheim’s theoretical framework, we discuss empirical evidence regardinginfluence of collective emotions on national identification and emotional climate, onthe perception of national symbols, and on the rejection and derogation of outgroups. Empirical evidence largely supports a positive association of collective emotions withnational identification, emotional climate, and the perception of national symbols.Results on out-group derogation and rejection, however, are less conclusive.  

Source: www.academia.edu

See on Scoop.itBounded Rationality and Beyond

12
Ott
14

The importance of religious displays for belief acquisition and secularization

See on Scoop.itBounded Rationality and Beyond

Alessandro Cerboni’s insight:

Abstract:
Both the sociology and the cognitive science of religion seek to explain the acquisition of religious beliefs. In this article, I will offer an account of the acquisition and distribution of religious beliefs utilizing the findings of both fields. In the process, I hope to illustrate the potential of interdisciplinary dialogue for improving our understanding of religion and its absence. More specifically, I will present a prima facie case, based on existing work in the social and cognitive sciences, exploratory online surveys, and participant observation, that witnessing actions attesting to religious claims is one of the most crucial variables determining whether or not an individual will explicitly believe such claims. Further, I will argue that that this connection between action and belief can help produce an improved account of secularization and non-theism, defined here as the lack of explicit belief in the existence of non-physical agents.

See on icea.ox.ac.uk

12
Ott
14

The importance of religious displays for belief acquisition and secularization

http://docs.google.com/viewer?url=http%3A%2F%2Fwww.icea.ox.ac.uk%2Ffileadmin%2FCAM%2FRCC%2FLanmanJCRFinal.pdf&embedded=true

Source: www.icea.ox.ac.uk

Abstract:
Both the sociology and the cognitive science of religion seek to explain the acquisition of religious beliefs. In this article, I will offer an account of the acquisition and distribution of religious beliefs utilizing the findings of both fields. In the process, I hope to illustrate the potential of interdisciplinary dialogue for improving our understanding of religion and its absence. More specifically, I will present a prima facie case, based on existing work in the social and cognitive sciences, exploratory online surveys, and participant observation, that witnessing actions attesting to religious claims is one of the most crucial variables determining whether or not an individual will explicitly believe such claims. Further, I will argue that that this connection between action and belief can help produce an improved account of secularization and non-theism, defined here as the lack of explicit belief in the existence of non-physical agents.

See on Scoop.itBounded Rationality and Beyond

12
Ott
14

A Theory of Religion: Linking Individual Beliefs, Rituals, and Social Cohesion

See on Scoop.itBounded Rationality and Beyond

Abstract:
In this paper we offer a new theory of religion. Our theory relies on the assumption that individuals in society have different beliefs about the statistical relation between their actions in a strategic social interaction (specifically, a Prisonerís Dilemma) and uncertain events that a§ect their utility. This heterogeneity of beliefs allows for the endogenous emergence of religious institutions; A religious institution is defined by its members partaking in a costly and observable activity. We show that members of the religious organization share similar beliefs, tend to cooperate with one another, and face a larger degree of cooperation from society than do non-members. Our theory provides therefore a link between individual beliefs, social rituals, and social cohesion.

See on princeton.edu




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