EVOLUTIONARY EFFICIENT MARKET HYPOTHESIS
M.A. Alekseev
Novosibirsk State University of Economics and Management, Str. Kamenskaya, 56, Novosibirsk, 630099, Russia
Keywords: гипотеза информационной эффективности, гипотеза адаптивной эффективности, типологическая группировка информационного пространства, efficient market hypothesis, adaptive market hypothesis, typological groups of information space
Subsection: SOCIETY AND ECONOMY: PROBLEMS OF DEVELOPMENT
Abstract
This article considers prices and fair value of assets on the financial market according to distinctions in investors’ knowledge. In research were determined the essential parameters characterizing information which is used in investment decision making. On the basis of parameters value determination the typological groups of information space of the financial market were constructed. Participants of the financial market were classified into groups, which are correlated with typological groups of information space. Comparison of provisions of efficient market and adaptive market hypotheses in the context of the constructed typological groups has allowed to develop a evolutionary efficient market hypothesis.
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