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Heuristic‐Driven Bias: The First Theme

Hersh Shefrin

in Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195161212
eISBN:
9780199832996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195161211.003.0002
Subject:
Economics and Finance, Financial Economics

Statistics and probability are essential concepts when it comes to risk. Yet, most people have poor intuition about statistics and probabilities. Instead of behaving like professional statisticians, ... More


Introduction

Hersh Shefrin

in Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195161212
eISBN:
9780199832996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195161211.003.0001
Subject:
Economics and Finance, Financial Economics

Behavioral finance consists of three themes: (1) heuristic‐driven bias; (2) frame dependence; and (3) inefficient markets. These themes are ubiquitous and germane, touching every corner of the ... More


Open‐Ended Mutual Funds: Misframing, “Hot Hands,” and Obfuscation Games

Hersh Shefrin

in Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing

Published in print:
2002
Published Online:
November 2003
ISBN:
9780195161212
eISBN:
9780199832996
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0195161211.003.0012
Subject:
Economics and Finance, Financial Economics

Misframing and heuristic‐driven bias combine to confuse investors about the relative contributions of skill and luck in fund performance. Investors invariably attribute excessive weight to skill, and ... More


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