Behavioral Finance: The Second Generation

The book by Meir Statman, PhD rethinks the concept of behavioral finance, shifting from the view that people are irrational to a view that their wants are normal. People’s normal wants, even more than their cognitive and emotional shortcuts and errors, underlie answers to important questions of finance, including saving and spending, portfolio construction, asset pricing, and market efficiency. This publication focuses on new behavioral insights and guidance for avoiding errors.

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