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Three essays on behavioural finance

Defense date2017-01-26
Abstract

The fact that human economic behaviour has a significant irrational element - one that is simultaneously hard-to-explain and highly predictable - has fascinated economists for decades from Fechner, 1860 to Shiller, 2005 and beyond. In this dissertation, I investigate the field from various perspectives: chapter 1 examines the impact that language describing irrational behaviour in the media has on stock markets; chapter 2 looks at whether musical harmonics can predict what choices participants in money-sharing games will make; and chapter 3 takes an existing theroetical model of stochastic decision-making and changes it to help explain phenomena such as the overweighting of small probabilities, the 'willingness-to-accept'-'willingess-to-pay' (WTA-WTP) disparity, and preference reversals.

eng
Keywords
  • Behavioural
  • Finance
  • Economics
  • Asset pricing
  • Linguistics
  • Irrationality
  • Media
  • Stock market returns
  • Volatility
  • Noise trader
  • Ultimatum game
  • Heuristic
  • Music
  • Aesthetic
  • Probabilistic choice
  • Strong utility
  • Preference reversal
  • Endowment effect
Citation (ISO format)
HEMMENS, Christopher. Three essays on behavioural finance. 2017. doi: 10.13097/archive-ouverte/unige:91674
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