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Behavioral finance: insights from experiments I: theory and financial markets

Lookup NU author(s): Professor Darren DuxburyORCiD

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This is the authors' accepted manuscript of an article that has been published in its final definitive form by Emerald, 2015.

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Abstract

Purpose The aim, here and in a companion paper (Duxbury, 2015), is to review the insights provided by experimental studies examining financial decisions and market behaviour. Design/methodology/approach Focus is directed on those studies examining explicitly, or with direct implications for, the most robustly identified phenomena or stylized facts observed in behavioral finance. The themes for this first paper are theory and financial markets. Findings Experiments complement the findings from empirical studies in behavioral finance by avoiding some of the limitations or assumptions implicit in such studies. Originality/value We synthesize the valuable contribution made by experimental studies in extending our knowledge of the functioning of financial markets and the financial behavior of individuals.

Publication metadata

Author(s): Duxbury D

Publication type: Article

Publication status: Published

Journal: Review of Behavioral Finance

Year: 2015

Volume: 7

Issue: 1

Pages: 78-96

Print publication date: 16/06/2015

Acceptance date: 11/03/2015

Date deposited: 24/06/2015

ISSN (print): 1940-5979

ISSN (electronic): 1940-5987

Publisher: Emerald

URL: http://dx.doi.org/10.1108/RBF-03-2015-0011

DOI: 10.1108/RBF-03-2015-0011

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