Поведенческие финансы и неоклассическая экономическая теория. Основные различия и точки соприкосновения

• Main Author: V. M. Rusakov
• Format: Article
• Language: Russian
• Published: Russian Academy of Entrepreneurship 2020-01-01
• Series: Путеводитель предпринимателя
• Subjects: rationality; irrationality; rational investor; modern portfolio theory; market efficiency; efficient market hypothesis; behavioral finance
• Online Access: https://www.pp-mag.ru/jour/article/view/181

This article deals with basic concepts of neoclassical economic theory and behavioral finance and gives them definitions. Also it shows main differences between these two theories. The fundamental difference between them connects with relation of the existence of financial markets rationality - the classical theory allows that investors and the whole market can be rational, but behavioral finance finds a lot of empirical evidence that people often behave irrational. And therefore there are inefficiencies in real financial markets that don’t correspond to formal theoretical models.