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Mercados financieros, eficiencia y adaptación

Author

Listed:
  • Edwin Oswaldo Gil Mateus
  • Hernán David Ávila Perico
  • Arnaldo Eliécer Ortiz Villalobos

Abstract

Este artículo introduce el concepto de adaptación para comprender la eficiencia en los mercados financieros. Algunos antecedentes teóricos muestran la necesidad y pertinencia del análisis adaptativo como respuesta al paradigma tradicional enfocado en los planteamientos de la hipótesis de los mercados eficientes (EMH, por su sigla en inglés). En particular se exponen dos críticas a la EMH: una desde la racionalidad del agente, que muestra la imposibilidad de la existencia de mercados eficientes a escala informacional, y otra desde la economía conductual, enfocada en la heterogeneidad de los agentes y la racionalidad limitada de aquellos. Finalmente, se presenta la hipótesis de los mercados adaptativos como alternativa en la comprensión del comporta-miento de los agentes en el mercado.

Suggested Citation

  • Edwin Oswaldo Gil Mateus & Hernán David Ávila Perico & Arnaldo Eliécer Ortiz Villalobos, 2016. "Mercados financieros, eficiencia y adaptación," Revista Equidad y Desarrollo, Universidad de la Salle, issue 26, pages 191-206, July.
    • Handle: RePEc:col:000452:016285
    DOI: 10.19052/ed.3735
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    References listed on IDEAS

    as
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    4. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
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    More about this item

    Keywords

    Información y eficiencia de mercado; información asimétrica; expectativa adaptativa;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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