Anomalies in Economics and Finance

Christopher L. Gilbert ()

No 1007, Department of Economics Working Papers from Department of Economics, University of Trento, Italia

Abstract: The term �anomaly� played a crucial role in Thomas Kuhn�s characterization of scientific progress. For Kuhn, an anomaly is a puzzle which challenges an accepted paradigm. Puzzles only achieve anomalous status once an alternative paradigm becomes available which allows explanation of the puzzle. Anomalies were introduced into the finance literature by Michael Jensen but more as resolvable puzzles than Kuhnian anomalies. They entered economics via Richard Thaler who saw behavioural economics as the alternative to the neoclassical paradigm. Both authors use the term anomaly in a deliberately Kuhnian manner. Kuhn formulated his ideas by looking back across the history of physics. By contrast, behavioural economists use Kuhn�s concepts in a forward-looking manner as a marketing tool for their ideas.

Keywords: anomaly; behavioural; effects. (search for similar items in EconPapers)
Date: 2010
New Economics Papers: this item is included in nep-cbe and nep-hpe
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.unitn.it/files/07_10.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 403 Forbidden

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:trn:utwpde:1007

Access Statistics for this paper

More papers in Department of Economics Working Papers from Department of Economics, University of Trento, Italia Contact information at EDIRC.
Bibliographic data for series maintained by Luciano Andreozzi ().