The Vitality of Animal Spirits for Market Economics

2021 ◽  
Author(s):  
Sarah Moore ◽  
Richard E. Wagner
Keyword(s):  
Animal Spirits ◽  
Market Economics

Animal Spirits and Household Spending in Europe and the US

2019 ◽  
Author(s):  
Bahar Ozturk ◽  
Ad C.J. Stokman
Keyword(s):  
Animal Spirits ◽  
Household Spending ◽  
The Us

Shareholder-Manager Disagreement, Animal Spirits, and Corporate Investment

2006 ◽  
Author(s):  
Toni M. Whited ◽  
Anjan V. Thakor
Keyword(s):  
Corporate Investment ◽  
Animal Spirits

THE “REVOLUTION” IN FINANCIAL REPORTING THEORY: A KUHNIAN INTERPRETATION

1993 ◽  
Vol 20 (1) ◽  
pp. 33-57 ◽  
Author(s):  
Tom Mouck
Keyword(s):  
Financial Reporting ◽  
Subsequent Development ◽  
The Other ◽  
Other Hand ◽  
Research Problems ◽  
Market Economics ◽  
Economic Income ◽  
The Revolution

A Kuhnian perspective is used to explain the transition in financial reporting theory from an “economic income perspective” to an “informational perspective” (a transition that Beaver refers to as a “revolution”), and to examine the subsequent development of the latter. The demise of the economic income perspective (represented by the normative a priorists) is attributed to the lack of a paradigm which could serve to identify research problems and provide methodological guidance. The success of the informational paradigm, on the other hand, is attributed to the fact that it was, in essence, a sub-paradigm of the broader and well-established market economics paradigm. The study concludes, however, with a discussion of two types of persistent anomalous findings (the first with respect to the EMH and the second with respect to the CAPM) that have the potential to generate a crisis for the informational paradigm.

scholarly journals ALTERNATIVE MONETARY POLICIES UNDER KEYNESIAN ANIMAL SPIRITS

2021 ◽  
pp. 1-1
Author(s):  
Tai-Kuang Ho ◽  
Ya-Chi Lin ◽  
Kuo-Chun Yeh
Keyword(s):  
Monetary Policies ◽  
Animal Spirits

Animal spirits, competitive markets, and endogenous growth

2013 ◽  
Author(s):  
Kenji Miyazaki
Keyword(s):  
Endogenous Growth ◽  
Competitive Markets ◽  
Animal Spirits

scholarly journals Market sentiment and heterogeneous agents in an evolutive financial model

2021 ◽  
Author(s):  
F. Cavalli ◽  
A. Naimzada ◽  
N. Pecora ◽  
M. Pireddu
Keyword(s):  
Time Series ◽  
Heterogeneous Agents ◽  
Financial Time Series ◽  
Financial Model ◽  
Agent Behavior ◽  
Market Sentiment ◽  
Evolutionary Selection ◽  
Animal Spirits ◽  
Return Distributions ◽  
Fundamental Value

AbstractWe study a financial market populated by heterogeneous agents, whose decisions are driven by “animal spirits”. Each agent may have either correct, optimistic or pessimistic beliefs about the fundamental value, which can change from time to time based on an evolutionary mechanism. The evolutionary selection of beliefs depends on a weighted evaluation of the general market sentiment perceived by the agents and on a profitability measure of the existent strategies. As the relevance given to the sentiment index increases, a herding phenomenon in agent behavior may occur and animal spirits can drive the market toward polarized economic regimes, which coexist and are characterized by persistent high or low levels of optimism and pessimism. This conduct is detectable from agents polarized shares and beliefs, which in turn influence the price level. Such polarized regimes can consist in stable steady states or can be characterized by endogenous dynamics, generating persistent alternating waves of optimism and pessimism, as well as return distributions displaying the typical features of financial time series, such as fat tails, excess volatility and multifractality. Moreover, we show that if the sentiment has no or low relevance on belief selection, those stylized facts are abated or are missing from the simulated time series.

What are animal spirits? Rationality and explanation in economics

2011 ◽  
Vol 18 (3) ◽  
pp. 297-301
Author(s):  
Shaun P. Hargreaves Heap
Keyword(s):  
Animal Spirits
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