摘要: Behavioral finance argues that some financial phenomena can plausibly be understood using models in which agents are not fully rational. The field has two building blocks: limits to arbitrage, it difficult for rational traders undo the dislocations caused by less traders; and psychology, catalogues kinds of deviations from full rationality we might expect see. We discuss these topics, then present a number behavioral applications: aggregate stock market, cross-section average returns, individual trading behavior, corporate finance. close assessing progress speculating about its future course.
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