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Behavioral Finance and Its Implications for Stock-Price Volatility
Robert A. Olsen
Financial Analysts Journal
Vol. 54, No. 2 (Mar. - Apr., 1998), pp. 10-18
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4480062
Page Count: 9
You can always find the topics here!Topics: Finance, Behavioral finance, Investment strategies, Psychology, Financial investments, Investors, Economic theory, Financial economics, Investment risk, Psychological research
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An increasing number of academic and professional articles are being published about research on and potential applications of behavioral finance. This article offers a more complete picture of the origin, content, and rationale behind this emerging area of study than previously presented. In the process, the traditional dominance in finance of the economic concepts of subjective expected utility and rationality are discussed. In addition, the article argues that the newer theories of chaos and adaptive decision making, which have a place in behavioral finance, can help explain the puzzle of stock-price volatility.
Financial Analysts Journal © 1998 CFA Institute