Ec4024 Lecture1819 Behavioural Fin

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Ec4024 Lecture1819 Behavioural Fin

  1. 1. EC4024 Lecture 17: Behavioural Finance 1 Stephen Kinsella: www.stephenkinsella.net
  2. 2. This Time RECAP: EMH/AMH Expected Utility Theory Behavioural Finance Prospect Theory
  3. 3. Recap Efficient Markets Hypothesis Adaptive Markets Hypothesis Expected Utility Theory
  4. 4. Expected Utility Theory www.xkvd.com
  5. 5. Prospect Theory Kahneman Tversky (1979) Theory is: people treat losses differently to gains.
  6. 6. Derivation
  7. 7. Application
  8. 8. Next Time Anomalies Read Liebowitz Thaler

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