期刊名称：International Journal of Economics and Empirical Research (IJEER)
印刷版ISSN：2311-3871
电子版ISSN：2310-5232
出版年度：2014
卷号：2
期号：3
页码：100-108
出版社：The Economics and Social Development Organization (TESDO)
摘要：This paper provides the first evidence for empirical tests of the effect of rational expectations as well as behavioral biases, including among other animal spirits such as defined by Akerlof and Shiller (2009) on the variability of trading.We have used daily data for five international capital markets in developed countries. We find that the hypothesis of rationality losses of significance and cannot explain the evolution of trading. The economy is, however, driven by behavioral biases, including more especially animal spirits.
