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A Survey of Behavioral Finance / Nicholas Barberis, Richard Thaler.
- Format:
- Book
- Author/Creator:
- Barberis, Nicholas.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9222.
- NBER working paper series no. w9222
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, which argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then present a number of behavioral finance applications: to the aggregate stock market, to the cross-section of average returns, to individual trading behavior, and to corporate finance. We close by assessing progress in the field and speculating about its future course.
- Notes:
- Print version record
- September 2002.
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