Human behavior and the efficiency of the financial system
By: Robert J. Shiller.
Contributors: National Bureau of Economic Research.
Series: NBER working paper series -- working paper 6375; Working paper series (National Bureau of Economic Research) -- working paper no. 6375.
Publisher: National Bureau of Economic Research
Published: 1998
Place of publication: Cambridge, MA
Language: eng
Number of pages: 56
Subjects: Human behavior -- Mathematical models -- Economic aspects.; Efficient market theory.
Description: 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 mental compartments, overconfidence, over- and underreaction, representativeness heuristic disjunction effect, gambling behavior and speculation, perceived irrelevance of history thinking, quasi-magical thinking, attention anomalies, the availability heuristic contagion, and global culture.
Notes: "January 1998."

Includes bibliographical references (p. 48-56).

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