Behavioral Finance: A Interdisciplinary Perspective
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Abstract
Classical financial theory does not consider the market "anomalies or imperfections" within its analysis, and, on the other hand, the informational capacity of the market efficiency hypothesis is questioned, leading to a new perspective called behavioral finance. The perspective of behavioral finance comes to show these so-called "anomalies" as something that is part of the financial system due to the simple fact that finances are moved by human beings, who have certain behaviors in different situations that go beyond the rational.
Behavioral finance is a new and dynamic interdisciplinary perspective that brings to the fore this need to understand human behavior as part of the marketplace. Psychology comes to provide a more comprehensive vision of the market where people is taken more into account since they have a main role in the decision-making process, and we know that human behavior is not always rational.
The main objective of our work is to present the main considerations, characteristics and implications of behavioral finance as a response to the shortcomings of classical financial theory and market efficiency hypotheses.
For this, a descriptive approach and documentary analysis will be used, considering the main elements of psychology applied to the behavior of capital market agents.
The main results obtained refer to the contribution of psychology to finance, considering that the current confrontation lies in the fact that the supporters of behavioral finance surpass the paradigm of classical finance. Some authors of the behavioral finance movement consider the victory of the psychological paradigm over the current paradigm.
It seems pertinent and possible to point out that, if this scenario is true, we could be talking about the first true scientific revolution that modern financial theory would have known.
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