A Survey of Behavioral Finance
A Survey of Behavioral Finance
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DOI：
10.2139/ssrn.327880
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发表时间：
2002-09
期刊：
影响因子：
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通讯作者：
N. Barberis;R. Thaler
中科院分区：
文献类型：
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作者：
N. Barberis;R. Thaler
行为金融学认为，一些金融现象可以通过使用一些代理人不完全理性的模型来理解。该领域有两个基石：套利的限制，它认为理性的交易者很难消除不理性交易者造成的混乱;心理学，它对我们可能期望看到的完全理性的偏离进行了分类。我们讨论了这两个主题，然后提出了一些行为金融学的应用：总的股票市场，平均收益的横截面，个人交易行为，公司融资。最后，我们评估了这一领域的进展，并对其未来的发展方向进行了推测。
Behavioral finance argues that some financial phenomena can plausibly be understood using models in which some agents are not fully rational. The field has two building blocks: limits to arbitrage, which argues that it can be difficult for rational traders to undo the dislocations caused by less rational traders; and psychology, which catalogues the kinds of deviations from full rationality we might expect to see. We discuss these two topics, and then present a number of behavioral finance applications: to the aggregate stock market, to the cross-section of average returns, to individual trading behavior, and to corporate finance. We close by assessing progress in the field and speculating about its future course.