Behavioural finale is a discipline based upon the joint work of psychologists and finance experts. This work is a critical revion of the state of the art in the field. It starts with the analysis of heuristics biases and other cognitive mistakes; it continues with the critical evaluation of prospect theory, regret aversion theory and the impact on preferences. A part of the work is devoted to the analysis of the limit to arbitrage. An important and practical classification of different behavioural finance contribution is proposed, distinguishing between micro and macro behavioural finance studies. The work concludes with the investigation of the relationship existing between standard and behavioural finance.
Finanza comportamentale: presupposti teorici e approcci in letteratura
ALEMANNI, BARBARA
2008-01-01
Abstract
Behavioural finale is a discipline based upon the joint work of psychologists and finance experts. This work is a critical revion of the state of the art in the field. It starts with the analysis of heuristics biases and other cognitive mistakes; it continues with the critical evaluation of prospect theory, regret aversion theory and the impact on preferences. A part of the work is devoted to the analysis of the limit to arbitrage. An important and practical classification of different behavioural finance contribution is proposed, distinguishing between micro and macro behavioural finance studies. The work concludes with the investigation of the relationship existing between standard and behavioural finance.
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