Ecology and finance: a quest for congruency
Date
2016
Authors
Walters, A.
Ramiah, V.
Moosa, I.
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Journal article
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Journal of Behavioral and Experimental Finance, 2016; 10:54-62
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Abstract
John Maynard Keynes once argued that ‘‘animal spirits’’ can be used to guide humanbehaviour. In this paper we examine various ecological theories that can be utilised toexplain behaviour in financial markets. Although animal behaviour has been used todescribe financial markets (bull and bear markets, herding behaviour, etc.), we argue thatmany relevant ecological theories have been overlooked. We show that there is a potentialto relate ecological principles and theories to financial markets, including foraging theory,marginal value theorem, prey size threshold, predation and foraging, the bet-hedginghypothesis, natural selection, weather and animal behaviour and propagule pressure.
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Copyright 2016 Elsevier B.V.