Световната финансова криза от перспективата на поведенческите финанси
The Global Financial Crisis from the perspective of Behavioral Finance
Author(s): Teodor Sedlarski, Gergana DimitrovaSubject(s): Economy, Supranational / Global Economy, Financial Markets, Socio-Economic Research
Published by: Софийски университет »Св. Климент Охридски«
Keywords: prospect theory; behavioral finance; global financial crisis; cognitive bias; efficient market hypothesis
Summary/Abstract: In this article we analyze the causes and the specific development of the global financial and economic crises from 2007 – 2008 using concepts from the emerging field of behavior finance. Explanation of the failure of financial markets is sought, on the basis of prospect theory, in cognitive biases and errors studied in behavioral research. Evidence refuting the postulates of the efficient market hypothesis is summarized to substantiate the need of a more realistic theory grounded in predictable patterns of ‘bounded rational’ market behavior.
Journal: Годишник на Стопанския факултет на СУ „Св. Климент Охридски“
- Issue Year: 13/2016
- Issue No: 1
- Page Range: 247-268
- Page Count: 22
- Language: Bulgarian