Behavioural Present Value Defined as Fuzzy Number – a New Approach

The behavioural present value is defined as a fuzzy number assessed under the impact of chosen behavioural factors. The first formal model turned out to be burdened with some formal defects which are finally corrected in the presented article. In this way a new modified formal model of a behavioural...

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Bibliographic Details
Published in:Folia oeconomica stetinensia 2015-12, Vol.15 (2), p.27-41
Main Authors: Piasecki, Krzysztof, Siwek, Joanna
Format: Article
Language:English
Subjects:
Behavioral economics
Behavioural finance
C02
C44
Decision making
Economy
Efficient markets
Finance
financial equilibrium
Financial Markets
fuzzy number
Fuzzy sets
G10
Market equilibrium
Market prices
Micro-Economics
Present value
Socio-Economic Research
Studies
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Summary:The behavioural present value is defined as a fuzzy number assessed under the impact of chosen behavioural factors. The first formal model turned out to be burdened with some formal defects which are finally corrected in the presented article. In this way a new modified formal model of a behavioural present value is obtained. New model of the behavioural present value is used to explain the phenomenon of market equilibrium on the efficient financial market remaining in the state of financial imbalance. These considerations are illustrated by means of extensive numerical case study.
ISSN:1730-4237
1898-0198
1898-0198
DOI:10.1515/foli-2015-0033