エヌビディア【NVDA】の掲示板 2024/04/06〜2024/04/09

The Keynesian Beauty Contest is an early theory in behavioral finance that describes how our perceptions of value can cause irrational fluctuations in supposedly rational systems.

More specifically, it describes how short-term stock market fluctuations are not caused by changes in underlying value, but instead by investors attempting to figure out what others think the “average investor” finds valuable.

According to this theory, attempting to time market changes is like trying to guess what your friend’s next partner will look like–you make guesses based on what you think they find “beautiful.”

And in the same way we often fail to correctly guess our friends’ preferences, the Keynesian Beauty Contest shows that when we try to predict what others find valuable, we often get it wrong.