Journals Higher Education



Published: 20 April 2000

224 Pages | 16 line illus

ISBN: 9780198292272

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Bookseller Code (06)

Inefficient Markets

An Introduction to Behavioral Finance

Andrei Shleifer

Clarendon Lectures in Economics

  • Describes an alternative approach to the study of financial markets: behavioral finance
  • Presents models of markets where investors trade against arbitrageurs whose resources are limited by risk aversion, short horizons, and agency problems
  • Explain the available financial data more accurately than the efficient markets hypothesis
  • Builds a new theoretical and empirical foundation for the economic analysis of real-world markets