Knightian Uncertainty and Stock-Price Movements: Why the REH Present-Value Model Failed Empirically

Macroeconomic models that are based on either the rational expectations hypothesis (REH) or behavioral considerations share a core premise: All future market outcomes can be characterized ex ante with a single overarching probability distribution. This paper assesses the empirical relevance of this...

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Veröffentlicht in:	Economics. The open-access, open-assessment e-journal open-assessment e-journal, 2015-08, Vol.9 (24), p.1
Hauptverfasser:	Frydman, Roman, Goldberg, Michael D, Mangee, Nicholas
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital assets Datasets Economics Economists Hypotheses Interest rates Present value Prices Probability distribution Profits Psychology Risk premiums Securities markets Stock prices Studies Volatility
Online-Zugang:	Volltext
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