Chování subjektů na rizikových trzích finančních aktiv
Behavior of Subjects on Risk Markets of Financial Assets

Summary/Abstract: At first the paper presents the characteristics of the risk and how to respond to it. It also deals with the comparison of two main theoretical directions analyzing asset markets, i.e. efficient market theory and behavioral theories; the most important is the prospect theory. Investor on assets market makes decisions in conditions of risk and uncertainty. The efficient-market hypothesis and the related expected utility theory assume rational choice of investors in the concept of neoclassical theory. The model of expected utility assumes that an investor is able to assign income (loss) to a subjective benefit, which is determined by the function of expected utility. Behavioral theory (such as prospect theory) assumes limited rationality. The choice of investors is then strongly influenced by irrational factors, such as various distortions (heuristics, framing).

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