Maslowian Portfolio Theory: An alternative formulation of the Behavioural Portfolio Theory

Philippe J S De Brouwer ()
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Philippe J S De Brouwer: KBC TFI S.A.

Journal of Asset Management, 2009, vol. 9, issue 6, No 1, 359-365

Abstract: Abstract This paper aims to offer an alternative formulation of the Behavioural Portfolio Theory as formulated by Hersh Shefrin and Meir Statman (2000) via the Theory of Needs from Abraham Maslow (1943). This alternative formulation, called Maslowian Portfolio Theory (MaPT), yields the same results but adds some interesting insight and practical applications for the financial advisor. MaPT starts from the needs of the investor and therefore can have the ambition to be a predictive theory rather than a descriptive theory. This paper also tries to fit portfolio selection theories with the needs of the investor, and to give very applicable advice.

Keywords: portfolio selection; behavioural portfolio theory; hierarchy of needs; investor's risk profile; Maslowian portfolio theory; strategic asset allocation (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (3)

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DOI: 10.1057/jam.2008.35

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