Chapter 12 - Individual and group decision making. In this chapter, students will be able to understand: Compare and contrast the rational model of decision making, Simon’s normative model, and the garbage can model; review the eight decision-making biases; discuss the thrust of evidence-based decision making and its implementation principles;...
After reading the material in this chapter, you should be able to: Compare and contrast the rational model of decision making, Simon’s normative model, and the garbage can model; review the eight decision-making biases; discuss the thrust of evidence-based decision making and its implementation principles;...
Các nhà đầu tư không phải lúc nào cũng đưa ra các quyết định và hành động dựa vào lý trí, mà họ còn bị chi phối bởi các yếu tố tâm lý (cảm xúc cũng như nhận thức) được gọi là các thiên lệch hành vi (behavioral biases). Khi trạng thái tâm lý tốt họ trở nên lạc quan hơn trong cách nhìn nhận đánh giá, nhưng khi trạng thái tâm lý không tốt họ hay phê bình, chỉ trích, đi vào chi tiết của vấn đề hơn và trở nên bi quan hơn.
Tài chính luôn được xem là...
Leveraging refers to the process by which private sector capital is mobilised as a consequence of the use of
public sector finance and financial instruments. Public finance can „crowd in‟ private capital by compensating private
investors for what would otherwise be lower than their required risk-adjusted rates of return (AGF, 2010). There is no
uniform methodology to calculate leverage ratios of public to private finance, and different financial institutions report
this ratio in different ways.
To estimate equation (5) we have to take into account the potential endogeneity of
financial performance and board appointment decisions. Furthermore, including the
lagged dependent variable as an independent variable makes the fixed effects
estimator not only biased, but also inconsistent. To overcome this problem an
instrumental variables (IV) estimator could be used. However, appropriate
governance instruments are not easy to find.
Our study is part of a recent literature that investigates the asset pricing impact of behavioral
biases documented in psychology research. This literature, which has expanded signiﬁcantly over
the last decade, is comprehensively reviewed by Hirshleifer (2001) and Shiller (2000). The strand
of the literature closest to this paper investigates the eﬀect of investor mood on asset prices.
The two principal approaches in this work link returns either to a single event or to a continuous
variable that impacts mood. ...
Professor de Meza draws attention to recent literature which indicates that, in the context of
widespread behavioural biases, two modes of financial capability work appear to be the most
promising. These are the use of 'norms', which means directing people to a particular action
such as higher saving, and the use of active intervention by a councillor and/or individualised
advice, rather than passive information or education.
Bài 16: Tài chính hành vi và phân tích kỹ thuật. Nội dung chính trong bài giảng gồm: Tài chính hành vi (Behavioral Finance), xử lý thông tin, thiên lệch về hành vi (Behavioral Biases), lý thuyết triển vọng (Prospect Theory), giới hạn đối với kinh doanh hưởng chênh lệch giá, phân tích kỹ thuật (Technical Analysis),... Mời các bạn tham khảo.
Between 1981 and 1983, one of us (Max) served on the faculty of Boston Univer-sity. At the time, he was conducting laboratory studies on decision biases in negotiation.
Behavioral decision research did not exist as a topic of study in most management
schools. The faculty at Boston University included a number of excellent colleagues,
and yet they knew very little about the emerging research on judgment. This lack of
awareness among management colleagues motivated Max to write this book. The goal
was to make the area of judgment a more central part of the management literature.
Behavioral economics has been the economics profession’s runaway
growth area of recent decades. Scholars in this area work largely at the
intersection of economics and psychology. Much of their attention has
focused on systematic biases in people’s judgments and decisions. As the late
Amos Tversky, a Stanford University psychologist and a founding father of
behavioral economics, liked to say, “My colleagues, they study artifi cial
intelligence. Me? I study natural stupid
Contents Introduction This book The context 1 Good or bad by nature? Empathy and sympathy 2 What is my price? Integrity as supply and demand 3 Bagels at work: honesty and dishonesty 4 Egoism versus altruism: the theory of the warm glow and the helping hand 5 What you expect is what you get: the Pygmalion and Golem effects 6 Self-image and behavior: the Galatea effect 7 Self-knowledge and mirages: self-serving biases and the dodo effect 8 Apples, barrels and orchards: dispositional, situational and systemic causes Factor 1: clarity 9 Flyers and norms: cognitive stimuli 10 The Ten Commandment...
Although research on limits to arbitrage is far from played out, it is fair to say
that a broad consensus is emerging with respect to the key ideas and modeling
ingredients. This should not be too surprising, given that the relevant tools all come from
neoclassical microeconomics: arbitrageurs can be modeled as fully rational, with no need
to appeal to any behavioral or psychological biases.