TY  - JOUR
AU  - Shiller,Robert J.
TI  - Human Behavior and the Efficiency of the Financial System
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6375
PY  - 1998
Y2  - January 1998
UR  - http://www.nber.org/papers/w6375
L1  - http://www.nber.org/papers/w6375.pdf
N1  - Author contact info:
Robert J. Shiller
Yale University, Cowles Foundation
Box 208281
30 Hillhouse Avenue
New Haven, CT  06520-8281
Tel: 203/432-3708
Fax: 203/432-6167
E-Mail: robert.shiller@yale.edu
AB  - Recent literature in empirical finance is surveyed in its relation to underlying behavioral principles, principles which come primarily from psychology, sociology and anthropology.  The behavioral principles discussed are: prospect theory, regret and cognitive dissonance mental compartments, overconfidence, over- and underreaction, representativeness heuristic disjunction effect, gambling behavior and speculation, perceived irrelevance of history thinking, quasi-magical thinking, attention anomalies, the availability heuristic contagion, and global culture.
ER  -