作者
Nicholas Barberis
发表日期
2018/1/1
图书
Handbook of behavioral economics: applications and foundations 1
卷号
1
页码范围
79-175
出版商
North-Holland
简介
Behavioral finance tries to make sense of financial data using models that are based on psychologically accurate assumptions about people's beliefs, preferences, and cognitive limits. I review behavioral finance approaches to understanding asset prices and trading volume, with particular emphasis on three types of models: extrapolation-based models, models of overconfident beliefs, and models of gain-loss utility inspired by prospect theory. The research to date shows that a few simple assumptions about investor psychology capture a wide range of facts about prices and volume and lead to concrete new predictions. I end by speculating about the form that a unified psychology-based model of investor behavior might take.
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N Barberis - Handbook of behavioral economics: applications and …, 2018