Handbook of Behavioral Finance

摘要

Behavioural finance emerged in the 1980s as a response to apparent failures of the core economic model to explain anomalies in financial markets. According to Nick Barberis and Richard Thaler, the core model assumes that decisions are made by rational agents who update their beliefs according to Bayes's law and obey the normative principles of subjective expected utility maximisation. The behavioural research program looks to results from psychology on biases of belief formation and non-standard preferences to make an argument for irrational behaviour among agents that can explain persistent mispricing of assets and other anomalies.