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"Основни концепции в теорията на поведенческите финанси" (Basic Concepts of Behavioral Finance Theory)

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Abstract

This article analyzes the basic concepts of behavior finance and its implied model of the economic agent which differs from the ‘homo economicus’ of traditional finance theory. Systematized are the more realistic assumptions regarding human decision making which stem from research in cognitive psychology and increasingly experimental economics. Outlined are implications for a methodologically more advanced public finance. Possibilities for enhanced economic policy recommendations are derived.
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








Софийски университет „Св. Климент Охридски“, Стопански факултет
Катедра Икономика
e-mail:
Teodor Sedlarski, Gergana Dimitrova.   



      



Key words
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 

         
          


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
Поведенческите финансиbehavioral nance    


 




       
  
       
 
WeberКуигин
    
       
 


  
Weber et al.


 


      






 


субек-
тивна очаквана полезност (subjective expected utility)   
      
 


  
 

         
  






  
  



 експерименталната икономика

Weber sPlott, Smith

       homo
economicus

 




   


    
    
 
      
EllsbergKarni



      
  


       
 
теорията за ефективните пазариefcient market theoryFama
Куигин








 


Barberis, Thaler

   
  



        


   
 
           
      
                




        
       
BarberisThaler
теория за ограничения арбитраж







BarberisThaler
Прекалена самоувереност (overcondence)

BarberisThaler
  
  
 


BarberisThaler
   
BarberisThaler
Седларски
   
noise traders 

              


   
          
          
           
       



   Barberis
Thaler
            

SchleiferVishny
     
SimonHoughtonAquino



Barberis
Thaler 


Barberis

     


Weber
Оптимизъм и пожелателно мислене (optimism and wishful thinking)




Шърмър

     Barberis Thaler 
Ариели
Представителност (representativeness)


  евристика Представи-
телност  
BarberisThaler   

Пренебрегване на основната стойност












  



BarberisThaler
МенговШърмърКанеман

Пренебрегване на размера на извадката
    

   







 



закон на малките числаlaw of small numbersBarberisThaler
МенговШърмър
 Консерватизъм (conservatism). 








 
  gambler’s fallacy

BarberisThaler
 



BarberisThaler
Устойчивост на възгледите (belief perseverance). 



 
        
      



   Barberis Thaler    Куигин 
Шърмър
Закотвяне (anchoring)





         



BarberisThalerАриели
Шърмър
Предубеденост поради наличната информация (availability biases)
  
    



          

  
  Barberis Thaler      Шърмър 

  





 Избягване на неопределеността (ambiguity aversion). 

те-
ория за субективно очакваната полезност




 BarberisThaler



















            
         
неопределеност
BarberisThaler






BarberisThaler
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




Barberis
Thaler



BarberisThaler


  

Weber   
        
  

   
   свръхреакция


Weber
 




Weber








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
     




ε
εMullainathanSchwartzsteinCongdon
  



          
      




 


certainty effectKahnemanTversky

 (reection
effect)      Kahneman Tversky
         


  



          


Менгов
 


 



 


 


            




pνp
p

ν     
KahnemanTversky   


pνpν




 Barberis, Thaler
Фиг. 1

 Barberis, Thaler 
Фиг. 2
   









Канеман
Шърмър



Шър-
мърν
   
loss aversionBarberisThaler









 
 



 
 
      

    
BarberisThaler





Barberis
Thaler
     





    

BarberisThaler







   






BarberisThaler




 
   



( 

       (disposition effect).   




Weber


 




Weber
  







    Weber      Шърмър 

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
  






framing
       
    

        

Weber
 



home bias
Weber



Weber

       (splitting effect) 








Weber
(winner’s curse)

    
      
    

        


         


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
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
  
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
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


 



Weber
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      






Weber



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

. 


Weber
        
 equity premium puzzle Mehra 
  

          


          

  
         


Weber




   
      

          



      
Weber

 (ambiguity aversion)     




      
  


  


Weber

   



Weber
  




  
  
      
WeberКуигин
       

  
       
        
status quo bias reference dependent utilitiesKahnemanKnetsch
Thaler       
        




  Шърмър


 endowment effectАриелиМенгов

    
Ellsberg paradoxElls-
berg
 





McCaffery, Slemrod

mental accounts)
 (isolation effect) Thaler

           
Шърмър




ypaper effect,HinesThaler
McCaffery, Slemrod,
    (disaggregation effect)   
         






McCafferySlemrod




McCaffery, Slemrod


  





McCaffery
Slemrod

Времеви предпочитания. Непоследователност и самоконтрол

  







 (hyperbolic discounting)



present-tense bias McCaffery, Slemrod
ШърмърКуигин

  




  

McCaffery, Slemrod  Ариели



         



      


 







McCafferySlemrod
 
  



McCafferySlemrod
Склонност към спазване на нормите

      
          



 
          




      

Шърмър

    



McCaffery, SlemrodClague
Седларски

 


    
   
  




  
  

McCaffery, Slemrod





  
 

 
       

      

McCaffery, Slemrod

  
  
        








McCaffery, Slemrod


      

McCaffery,
SlemrodClague
    
            



         
McCaffery,Slemrod




 
       
  











Ариели, Д. Предвидимо ирационални. Кои са силите, формиращи нашите решения
 

Канеман, Д.Мисленето

Куигин, Дж.Зомби икономикс

Менгов, Г. Вземане на решения при риск и неопределеност
Седларски, Т.Нова институционална икономика

Седларски, Т.Соци-
ологически проблеми
    
McCaffery, Slemrod
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Шърмър, М.Пазарното мислене


Barberis, N. C., R. H. ThalerHandbook of the Economics
of Finance   Financial Markets and Asset Pricing   
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Clague, C.Journal
of Institutional and Theoretical Economics (JITE)
Ellsberg, DQuarterly Journal of Economics
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Fama, E. Journal of
Finance
Hines, J. R. Jr., R. H. Thaler Journal of Economic Perspectives, 
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Kahneman, D., J. L. Knetsch, R. H. Thaler      
 Journal of Economic Perspectives 
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Kahneman, D.,  Tversky          
Econometrica
Karni, E
The New Palgrave: Dictionary of Economics
Krishna, A., J. Slemrod    
International Tax and Public Finance
McCaffery, E. J., J. Slemrod 

Mehra, R. 
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Mullainathan, S., J. Schwartzstein, W. J. Congdon 
Annual Review of Economics
Plott, C. R., V. L. Smith Handbook of Experimental Economics Results
Scitovsky, T.American Economic Review 
             

Schleifer, A., R.Vishny The Journal of Finance

Sewell, M.          

Simon, M., S. M. Houghton, K. Aquino       
  Journal of Business Venturing

Thaler, R. H.     Journal of Behavioral Decisionmaking 

Weber, M., E. B. Kramer, T. Langer, A .Laschke, D. Schiereck, N. Siebenmorgen, F. Vossmann
   Forschung für die Praxis   

Постъпила на 11.10.2013 г.
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