BEHAVIOUR AND INFORMATION ON FINANCIAL MARKET

Abstract

Generally, the main three logical models of financial markets (Efficient Market Hypothesis – EMH, Adaptive Market Hypothesis – AMH, and even – partially – Behavioural Market Hypothesis – BMH) take for granted the idea that information drives behaviour, therefore, information is always the channel through the decision is taken, no matter whether such a decision is optimal or sub-optimal. The paper critically examines such an „axiom” and proposes a causally inversion of the relation, that is, it argues that (in the most part), in fact, behaviour drives information, To this end, a new typology of information as well as a new typology of information mixes available to the economic agent are provided and discussed. The research is conducted in a logical key, and the two main findings are: a) the informational-based model of financial market should be replaced by a behaviour-based one; b) the informational efficiency of financial market should be replaced by a behavioural efficiency one. The paper claims its origin and target from institutionalism and evolutionism in the microeconomic academic research.