International E-publication: Publish Projects, Dissertation, Theses, Books, Souvenir, Conference Proceeding with ISBN.  International E-Bulletin: Information/News regarding: Academics and Research

A survey of behaviorial finance

Author Affiliations

  • 1Bhilai Institute of Technology, Durg, CG, India
  • 2Bhilai Institute of Technology, Durg, CG, India

Res. J. Management Sci., Volume 6, Issue (8), Pages 18-20, August,6 (2017)


Traditionally, it is believed that participant of Financial Market are fully Rational and Markets are fully efficient. This belief has got prolonged effect in developing theories of Financial Markets. There were some instances in Financial Market operation which could not be explained by traditional Finance practice nor. To explain these phenomena academician looked towards Behavioral Finance as the key. This paper examines some basic tenets on which Behavior Finance stand. The primary distinction in assumption of traditional Finance practice nor and Behavior Finance practice nor is also discussed. It is concluded that though Behavior Finance might explain some anomalies of Financial Market a great deal of work need to be done to find out factors which lead to such anomalies.


  1. Friedman M. and Savage L.J. (1984)., The Utility Analysis of Choices Involving Risk., Journal of Political Economy, 56(4), 279-304.
  2. Friedman M. (1953)., Essays in Positive Economics., (University of Chicago Press), The case for flexible exchange rates, 157-203.
  3. Summers L., Cutler D. and Poterba J. (1985)., Speculative dynamics., Review of Economic Studies, 58, 529-546.
  4. De Long J.B., Shleifer A., Summers L. and Waldmann R. (1990)., Noise trader risk in financial markets., Journal of Political Economy, 98(4), 703-738.
  5. Shleifer Andrei and Vishny Robert W. (1997)., A survey of Corporate Governance., The Journel of Finance, 52(2), 737-783.
  6. D’Avolio Gene (2002)., The market for borrowing stock., Journal of Financial Economics, 66(2), 271-306.
  7. Merton Robert C. (1987)., A simple modelof Capital Market Equillibrium with incomplete information., The Journel of Finanace, 42(3), 483-510.
  8. Camerer Colin and Thaler Richard H. (1995)., Anomalis:Ultimatus,Dictater and Manns., The Journlel of Economic Prospective, 9(2), 209-219.
  9. Mathew Rabin (1998)., Pychology and Economics., Journal of Economic Literature, 36(1), 11-46.
  10. Kahneman Daniel and Tversky Amos (1979)., Prospect theory: an analysis of decision under risk., Econometrica, 47(2), 263-291.
  11. Kahneman D. and Tversky A. (2000)., Choices, values and frames., New York: Cambridge University Press and the Russell Sage Foundation.
  12. Gilovich T., Griffin D. and Kahneman D. (2002)., Heuristics and biases: The psychology of intuitive judgment., New York: Cambridge University Press.
  13. Alpert M. and Raiffa H. (1982)., A progress report on the training of probability assessors., D. Kahneman, P. Slovic and A. Tversky, eds., Judgment Under Uncertainty: Heuristics and Biases (Cambridge University Press, Cambridge), 294-305.
  14. Fischhoff Baruch, Slovic Paul, and Lichtenstein Sarah (1977)., Knowing with Certainty: The Appropriateness of Extreme Confidence., Journal of Experimental Psychology: Human Perception and Performance, 3(4), 552-564.
  15. Lord Charles G., Ross Lee and Lepper Mark R. (1979)., Biased assimilation and attitude polarization: The effects of prior theories on subsequently considered evidence., Journal of personality and social psychology, 37(11), 2098-2109.
  16. bachelor Louis (1990)., The theory of speculation., Ph.D. Thesis Princeton University.
  17. Regnault Jules (1863)., Calcul des chances et philosophie de la bourse., Paris: Mallet-Bachelier and Castel.
  18. Malkiel Burton (1973)., A Random Walk Down Wall Street.,