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Advances in Behavioral Finance, Volume II: v. 2 (The Roundtable Series in Behavioral Economics) [Hardcover]

Richard H. Thaler

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Book Description

25 July 2005 The Roundtable Series in Behavioral Economics

This book offers a definitive and wide-ranging overview of developments in behavioral finance over the past ten years. In 1993, the first volume provided the standard reference to this new approach in finance--an approach that, as editor Richard Thaler put it, "entertains the possibility that some of the agents in the economy behave less than fully rationally some of the time." Much has changed since then. Not least, the bursting of the Internet bubble and the subsequent market decline further demonstrated that financial markets often fail to behave as they would if trading were truly dominated by the fully rational investors who populate financial theories. Behavioral finance has made an indelible mark on areas from asset pricing to individual investor behavior to corporate finance, and continues to see exciting empirical and theoretical advances.

Advances in Behavioral Finance, Volume II constitutes the essential new resource in the field. It presents twenty recent papers by leading specialists that illustrate the abiding power of behavioral finance--of how specific departures from fully rational decision making by individual market agents can provide explanations of otherwise puzzling market phenomena. As with the first volume, it reaches beyond the world of finance to suggest, powerfully, the importance of pursuing behavioral approaches to other areas of economic life.

The contributors are Brad M. Barber, Nicholas Barberis, Shlomo Benartzi, John Y. Campbell, Emil M. Dabora, Daniel Kent, François Degeorge, Kenneth A. Froot, J. B. Heaton, David Hirshleifer, Harrison Hong, Ming Huang, Narasimhan Jegadeesh, Josef Lakonishok, Owen A. Lamont, Roni Michaely, Terrance Odean, Jayendu Patel, Tano Santos, Andrei Shleifer, Robert J. Shiller, Jeremy C. Stein, Avanidhar Subrahmanyam, Richard H. Thaler, Sheridan Titman, Robert W. Vishny, Kent L. Womack, and Richard Zeckhauser.

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"This is an excellent and useful book which should be recommended to all students of finance."--Peter Howells, Economic Issues

From the Inside Flap

"This book provides a thorough review of progress in the field of behavioral finance over the past ten years. By every measure, it will have considerable impact. It is must reading for finance economists as well as anyone interested in behavioral economics. Graduate students and faculty alike will find this book to be an invaluable reference to which they will often refer."--David Laibson, Harvard University

"Advances in Behavioral Finance, Volume II should be on every Ph.D. reading list in finance programs. It should be seen as a finance book per se, not just a niche 'behavioral finance' book. Thaler's preface is very readable, as is the superb introduction by Thaler and Nick Barberis."--Colin Camerer, California Institute of Technology, author of Behavioral Game Theory and Advances in Behavioral Economics

"This book brings together almost all of the most important work in behavioral finance from the last decade, in a manageable presentation suitable for masters- and doctoral-level classes on the subject."--Jay R. Ritter, Cordell Professor of Finance, University of Florida

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Most Helpful Customer Reviews on (beta) 4.0 out of 5 stars  3 reviews
1 of 1 people found the following review helpful
5.0 out of 5 stars A Must Read 22 Jun 2014
By J. Finkel - Published on
Format:Paperback|Verified Purchase
Behavioral Finance is a fairly recent field that delves into the deviation of human behavior from traditional (perfectly logical) assumptions. Finance is a perfect testing ground for understanding human behavior because the markets provide a rich source of data from a wide variety of market participants. There are an increasingly plentiful lot of articles and books on Behavioral Finance, but 'Advances in Behavioral Finance' is one of the best I have come across. It provides a thorough discussion of the subject matter, complete with mathematics (sadly absent many books). Reading this book, the importance of behavioral biases and utility become obvious and it becomes difficult to imagine approaching any real-world problem without these factors in mind.

There are parts where the book does feel bloated. Some of the content I have seen presented more efficiently and intuitively with and without going into mathematics. However, I hate just hunting around for good articles and narrowly focused books that don't give a comprehensive coverage of material.
3.0 out of 5 stars Overpriced and has the 'rush to finish' feel 4 April 2014
By 100Panthers - Published on
Format:Paperback|Verified Purchase
Some useful info here but lacks the 'cutting edge' feel, overpriced for what it is. When you compare this to Shiller's 30 page summary of the field Behavioral Finance in Handbook of Macroeconomics in 1999 as a comparison (which reads as if Shiller spent a lot of time condensing and writing terse summaries)...compared to this Thaler work that has the more superficial 'rushed' feel to it. I was even more disappointed when I bought Thaler's Volume I years ago.
5 of 36 people found the following review helpful
4.0 out of 5 stars BF--Investment sentiment and limit of arbitrage 29 Jan 2006
By Lee Hun Bok - Published on
This book is a good guide for Behavioral Finance. This book is excellent paradoxically for someone who already know traditional efficient market hypothesis.
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