Human behavior and the efficiency of the financial system

Robert J. Shiller

Chapter 20 in Handbook of Macroeconomics, 1999, vol. 1, Part C, pp 1305-1340 from Elsevier

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, anchoring, mental compartments, overconfidence, over- and under-reaction, representativeness heuristic, the disjunction effect, gambling behavior and speculation, perceived irrelevance of history, magical thinking, quasi-magical thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture.

JEL-codes: E0 (search for similar items in EconPapers)
Date: 1999
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Citations: View citations in EconPapers (97)

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Related works:
Working Paper: Human Behavior and the Efficiency of the Financial System (1998)
Working Paper: Human Behavior and the Efficiency of the Financial System (1998)
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