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Advances in Behavioral Finance (Volume 1) (The Roundtable series in behavioral economics) Illustrated Edition

by Richard H. Thaler (Editor)
4.6 out of 5 stars 13 ratings
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Modern financial markets offer the real world's best approximation to the idealized price auction market envisioned in economic theory. Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often fail to behave as they should if trading were truly dominated by the fully rational investors that populate financial theories. These markets anomalies have spawned a new approach to finance, one which as editor Richard Thaler puts it, "entertains the possibility that some agents in the economy behave less than fully rationally some of the time." Advances in Behavioral Finance collects together twenty-one recent articles that illustrate the power of this approach. These papers demonstrate how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. To take several examples, Werner De Bondt and Thaler find an explanation for superior price performance of firms with poor recent earnings histories in the tendencies of investors to overreact to recent information. Richard Roll traces the negative effects of corporate takeovers on the stock prices of the acquiring firms to the overconfidence of managers, who fail to recognize the contributions of chance to their past successes. Andrei Shleifer and Robert Vishny show how the difficulty of establishing a reliable reputation for correctly assessing the value of long term capital projects can lead investment analysis, and hence corporate managers, to focus myopically on short term returns. As a testing ground for assessing the empirical accuracy of behavioral theories, the successful studies in this landmark collection reach beyond the world of finance to suggest, very powerfully, the importance of pursuing behavioral approaches to other areas of economic life. Advances in Behavioral Finance is a solid beachhead for behavioral work in the financial arena and a clear promise of wider application for behavioral economics in the future.
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  1. ISBN-10
    0871548445
  2. ISBN-13
    978-0871548443
  3. Edition
    Illustrated
  4. Publisher
    Russell Sage Foundation
  5. Publication date
    August 19, 1993
  6. Language
    English
  7. Dimensions
    6 x 1.1 x 9 inches
  8. Print length
    597 pages
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Editorial Reviews

About the Author

RICHARD H. THALER is Henrietta Johnson Louis Professor of Economics, and director of the Center for Behavioral Economics and Decision Research, Johnson Graduate School of Management, Cornell University. CONTRIBUTORS: Lawrence M. Ausubel, Victor L. Bernard, Fischer Black, Navin Chopra, David M. Cutler, Werner F. M. De Bondt, J. Bradford De Long, Jeffrey A. Frankel, Kenneth R. French, Kenneth A. Froot, Josef Lakonishok, Charles M. C. Lee, James M. Poterba, Jay R. Ritter, Richard Roll, Hersh M. Shefrin, Robert J. Shiller, Andrei Shleifer, Meir Statman, Jeremy Stein, Lawrence H. Summers, Richard H. Thaler, Robert W. Vishny, and Robert J. Waldmann

Product details

  • Publisher ‏ : ‎ Russell Sage Foundation
  • Publication date ‏ : ‎ August 19, 1993
  • Edition ‏ : ‎ Illustrated
  • Language ‏ : ‎ English
  • Print length ‏ : ‎ 597 pages
  • ISBN-10 ‏ : ‎ 0871548445
  • ISBN-13 ‏ : ‎ 978-0871548443
  • Item Weight ‏ : ‎ 1.9 pounds
  • Dimensions ‏ : ‎ 6 x 1.1 x 9 inches
  • Customer Reviews:
    4.6 out of 5 stars 13 ratings

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Richard H. Thaler

Richard H. Thaler

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Richard H. Thaler is the Charles R. Walgreen Distinguished Service Professor of Economics and Behavioral Science at the University of Chicago's Graduate School of Business where he director of the Center for Decision Research. He is also a Research Associate at the National Bureau of Economic Research where he co-directs the behavioral economics project. Professor Thaler's research lies in the gap between psychology and economics. He is considered a pioneer in the fields of behavioral economics and finance. He is the author of numerous articles and the books Misbehaving: The Making of Behavioral Economics; Nudge: Improving Decisions about Health, Wealth and Happiness (with Cass Sunstein), The Winner's Curse, and Quasi Rational Economics and was the editor of the collections: Advances in Behavioral Finance, Volumes 1 and 2. He also wrote a series of articles in the Journal of Economics Perspectives called: "Anomalies". He is one of the rotating team of economists who write the Economic View column in the Sunday New York Times.

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4.6 out of 5 stars
13 global ratings

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Top reviews from the United States

  • Cliente Amazon
    5.0 out of 5 stars Super
    Reviewed in the United States on July 19, 2019
    Format: PaperbackVerified Purchase
    Super
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  • Hugo G. Zierth
    5.0 out of 5 stars A must-read to every researcher or PhD student
    Reviewed in the United States on January 9, 2007
    Format: Paperback
    The bible to everyone who is seriosly interested in behavioral finance , and a must read to a PhD studend.

    This book includes all the seminal papers of this brand new field of science.

    In my opinion if one read this book it is worthless to buy any other book about behavioral finance. A real masterpiece as I have never seen before !
    7 people found this helpful
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  • Artephius (.
    4.0 out of 5 stars Too academically oriented for average investor
    Reviewed in the United States on January 2, 2002
    Format: Paperback
    I was looking forward to learning about new theories in Behavioral Finance, but was a little disappointed by this book. The 21 articles each examine a discrepancy in a free market situation and develop theories for explaining the discrepancy drawing upon the behavioral finance field. I have an MBA and have been an investor for more than 20 years. There are too many statistics and academic language to be an efficient book for me. I quickly switched to finding each of the 21 questions, then skipping to the summary to find the behavioral finance theory for the discrepancy. I did enjoy the credit card high interest rate explanation and consider this explanation alone worth the price of the book. I also enjoyed the closed end fund discount price explanation also very useful. Book is ok, but 90% of the material can be skipped unless you are a finance professor who enjoys the academic orientation and detail.
    106 people found this helpful
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  • E. Papadopoulos
    4.0 out of 5 stars A nice collection
    Reviewed in the United States on August 31, 2006
    Format: Paperback
    This collection of papers concerning behavioural finance, is a very helpfull item for any PhD or reasearch student that works on this subject. Although it does not contain material of the basics of behavioural finance, it has some good papers on issues such as volatility of the markets, noice trading etc.
    7 people found this helpful
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