Behavioral Finance 2.0

摘要

Over the last decade or so, the findings of cognitive and behavioral psychologists have found their way into finance. No longer do we assume that all economic agents are rational actors only interested in maximizing marginal utility. Instead, they are just normal human beings with all of our cognitive foibles and faults, including overconfidence, loss aversion, reference points, emotional responses, positive illusions, confirmatory bias, framing, illusion of control, hindsight bias, availability, representativeness, outcome bias, preference reversal, and so on, and on, and on. It's amazing markets are as efficient as they are-or at least so hard to beat.