Inefficient Markets: An Introduction to Behavioral Finance
OUP CataloguePublished 1 January 2000
Andrei Shleifer
Citations310
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Abstract
Describes an alternative approach to the study of financial markets: behavioral finance. This approach starts with an observation that the assumptions of investor rationality and perfect arbitrage are overwhelmingly contradicted by both psychological and institutional evidence. In actual financial markets, less than fully rational investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems. The book presents and empirically evaluates models of such inefficient markets.
Keywords
Economics, Econometrics and Finance