Human Behavior and the Efficiency of the Financial System

Robert J. Shiller ()

No 6375, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Recent literature in empirical finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology and anthropology. The behavioral principles discussed are: prospect theory, regret and cognitive dissonance mental compartments, overconfidence, over- and underreaction, representativeness heuristic disjunction effect, gambling behavior and speculation, perceived irrelevance of history thinking, quasi-magical thinking, attention anomalies, the availability heuristic contagion, and global culture.

Date: 1998-01
Note: AP
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Working Paper: Human Behavior and the Efficiency of the Financial System (1998)
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