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With this paper we attempt to complement the discussion on price volatility on stock markets by an approach, which can also take into consideration so-called nonrational behaviour. This happens by formally integrating socioeconomic elements into the price expectation process of the share holder. To model this the relatively unknown approach of the Q-Mode-Expectations is used and is faced with Rational Expectations normally used in models of financial markets. As a result we obtain over- and underevaluations or even sudden changes of the individual price expectation compared with the fundamental value which can be mainly attributed to psychological influences.

jahrbücher für nationalökonomie und statistik

Subjektive Kurserwartungsbildung auf Aktienmärkten. Rationaler Erwartungsansatz versus Ansatz der Quartischen-Modalwert-Erwartungen / The Individual Expectation Formation Process on Stock Markets. Rational Expectations vs. Q-Mode-Expectations