Dalla finanza classica a quella comportamentale

The aim of this book is to draw a conjunction line between traditional corporate finance and behavioral one, trying to merge models in order to better represent markets’ dynamics. Many traditional models appear to work only under rigid and static assumptions in a one-period frame and even those models considering different periods time series can’t capture random market’s behavior, which remain a key issue in financial markets’ theory. Research questions to which the book try to answer are: Do economic behaviors tend to be optimal? Is it possible to think a theory likely to explain markets’ trends better than EMH? Is it possible to come up with a reliable measure of information efficiency as posed by Fama? How can contradictions between information efficiency and Tobin’s fundamental efficiency be solved? How can experimental psychology contribute to financial markets’ theory? Is it possible to think to traders’ behavior in terms of cognitive dissonances? How can we derive a trading model from a mental model? All these problems are developed within the framework of the debate about utility functions, including the one developed by Kahneman and Tversky in their seminal work about Prospect theory