Behavioral Finance: Finance with Normal People

@article{Statman2014BehavioralFF,
  title={Behavioral Finance: Finance with Normal People},
  author={M. Statman},
  journal={ERN: Asset Pricing Models (Topic)},
  year={2014}
}
  • M. Statman
  • Published 2014
  • Economics
  • ERN: Asset Pricing Models (Topic)
Behavioral finance is under construction as a solid structure of finance. It incorporates parts of standard finance, replaces others, and includes bridges between theory, evidence, and practice. Behavioral finance substitutes normal people for the rational people in standard finance. It substitutes behavioral portfolio theory for meanvariance portfolio theory, and behavioral asset pricing model for the CAPM and other models where expected returns are determined only by risk. Behavioral finance… Expand
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