BEHAVIORAL FINANCE : WHAT JUSTIFICATIONS ?
Keywords:
Market efficiency, behavioral finance, rationality of investors, perfect information, optimal allocationAbstract
Economic theory is based on the postulate that economic agents (companies and individuals) behave rationally. However, observation of the facts shows us that these agents sometimes make decisions that standard economic theory cannot explain. This is the case with financial decisions that are not always rational. Behavioral finance attempts to regulate this type of behavior by questioning standard finance. We are aware that this new financial theory remains unfinished. It is still under construction. It should be noted that this financial current has not yet formed into a real unified theory, but it is still possible to discuss this current from the first research in this field. In this work, we start from the idea that this current is based on three arguments that we try to present: The first is sociological, the second is historical, as for the third, it is methodological.
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