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Human behavior and the efficiency of the financial system

In: Handbook of Macroeconomics

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Author Info
Shiller, Robert J.
Abstract

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, anchoring, mental compartments, overconfidence, over- and under-reaction, representativeness heuristic, the disjunction effect, gambling behavior and speculation, perceived irrelevance of history, magical thinking, quasi-magical thinking, attention anomalies, the availability heuristic, culture and social contagion, and global culture.

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This chapter was published in: J. B. Taylor & M. Woodford (ed.) Handbook of Macroeconomics, , chapter 20, pages 1305-1340, 1999.

This item is provided by Elsevier in its series Handbook of Macroeconomics with number 1-20.

Handle: RePEc:eee:macchp:1-20

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This chapter was published in the following book, which is listed on IDEAS:
J. B. Taylor & M. Woodford (ed.), 1999. "Handbook of Macroeconomics," Handbook of Macroeconomics, Elsevier, edition 1, volume 1, number 1, September. [Downloadable!] (restricted)
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E0 - Macroeconomics and Monetary Economics - - General

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