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Behavioral Finance in Joseph de la Vega's Confusion de Confusiones

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  • Teresa Corzo
  • Margarita Prat
  • Esther Vaquero

Abstract

In this paper, we link Joseph de la Vega's work Confusion de Confusiones, written in 1688, with current behavioral finance and propose that Vega be considered the first precursor of modern behavioral finance. In addition to describing excessive trading, overreaction and underreaction, and the disposition effect, Vega vividly portrays how investors behaved 300 years ago and includes interesting documentation on investor biases, such as herding, overconfidence, and regret aversion.

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  • Teresa Corzo & Margarita Prat & Esther Vaquero, 2014. "Behavioral Finance in Joseph de la Vega's Confusion de Confusiones," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 15(4), pages 341-350, October.
    • Handle: RePEc:taf:hbhfxx:v:15:y:2014:i:4:p:341-350
    DOI: 10.1080/15427560.2014.968722
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    Cited by:

    1. Andrikopoulos, Panagiotis & Gebka, Bartosz & Kallinterakis, Vasileios, 2021. "Regulatory mood-congruence and herding: Evidence from cannabis stocks," Journal of Economic Behavior & Organization, Elsevier, vol. 185(C), pages 842-864.

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