معامله گران غیرماهر، اعتماد به نفس کاذب و کسب اطلاعات
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|74189||2016||5 صفحه PDF||سفارش دهید||3274 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Behavioral and Experimental Finance, Volume 9, March 2016, Pages 1–5
The value of an asset has two components, referred to as obvious and obscure. Unskilled traders are only aware of the obvious component and thus overestimate the precision of the information they may acquire. Unskilled traders are overconfident when informed and the intensity at which they trade makes researching the obscure component profitable to skilled traders, and this even when research costs are such that no information acquisition takes place in a skilled-only market. Hence overconfidence in our model encourages research by all, including the skilled (rational) traders.