<abstract xmlns="http://www.w3.org/1999/xhtml"><p>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.</p></abstract>

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.

Behavioural Present Value Defined as Fuzzy Number – a New Approach

Poznań University of Economics and Business, Department of Operations Research, Al. Niepodległości 10, 61-875 Poznań, Poland

Folia Oeconomica Stetinensia

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Behavioural Present Value Defined as Fuzzy Number \u2013 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...

Behavioural Present Value Defined as Fuzzy Number – a New Approach

Published Online: Apr 30, 2016

Page range: 27 - 41

Received: Mar 30, 2015

Accepted: Dec 03, 2015

DOI: https://doi.org/10.1515/foli-2015-0033

Keywords
Behavioural finance, present value, fuzzy number, financial equilibrium, market equilibrium

© 2015 University of Szczecin

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Behavioural Present Value Defined as Fuzzy Number – a New Approach

Published Online: Apr 30, 2016

Page range: 27 - 41

Received: Mar 30, 2015

Accepted: Dec 03, 2015

DOI: https://doi.org/10.1515/foli-2015-0033

KeywordsBehavioural finance, present value, fuzzy number, financial equilibrium, market equilibrium

© 2015 University of Szczecin

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
Behavioural finance, present value, fuzzy number, financial equilibrium, market equilibrium