From rational to behavioral: An epistemological bridge between Markowitz, Fama, and Shiller

Leonel Arango-Vasquez ()
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Leonel Arango-Vasquez: EAFIT - EAFIT University

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Abstract: This article examines the epistemology of finance by analyzing how different theoretical perspectives shape knowledge and decision-making in markets. A comparative analysis is adopted to contrast the underlying premises of each perspective and their applicability in contexts of uncertainty, volatility, and structural changes in markets. The findings demonstrate that, while each theoretical framework provides valuable analytical tools, their combination offers a more robust understanding of financial behavior. The integration of these approaches, along with interdisciplinary methodologies, is essential for a more holistic and adaptable view of financial epistemology, allowing for a more accurate evaluation of the interaction between rationality, uncertainty, and behavior in contemporary global markets.

Keywords: portfolio diversification; market efficiency; behavioral finance; financial theory; interdisciplinary integration; financial epistemology (search for similar items in EconPapers)
Date: 2025-10-22
New Economics Papers: this item is included in nep-hme, nep-hpe and nep-rmg
Note: View the original document on HAL open archive server: https://hal.science/hal-05003891v2
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Published in Journal of Philosophical Economics, 2025, XVIII, pp.160 - 202. ⟨10.46298/jpe.15444⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05003891

DOI: 10.46298/jpe.15444

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