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The implications of Behavioral Finance

See on Scoop.itBounded Rationality and Beyond
The debate in theoretical finance between the efficient market hypothesis and the field of the behavioral finance is of great interest. Since its emergence, the efficient market hypothesis has been the most important theory that explains the behavior of the various agents in the financial markets and neglects almost any potential impact of human behavior in the investment process. However, from the end of 1970s and the beginning of 1980s a growing number of researchers showed the anomalies of this theory. The anomalies of the modern portfolio models have prompted the development of what is now known as behavioral finance. Behavioral finance integrates psychology and economics in finance theory and has its roots in the pioneering work of psychologists Daniel Kahneman and Amos Tversky (1979). The purpose of this paper is to provide a synthesis of the behavioral finance literature over the past two decades.
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