tag:blogger.com,1999:blog-17232051.post2736571599287180856..comments2024-03-28T03:16:14.104-04:00Comments on Noahpinion: Some essential papers in behavioral financeNoah Smithhttp://www.blogger.com/profile/09093917601641588575noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-17232051.post-58551400628480383892013-07-12T13:02:14.845-04:002013-07-12T13:02:14.845-04:00The central concern in behavioral finance is clear...The central concern in behavioral finance is clearing up why market participants make systematic errors. Such errors influence prices and returns, create market inefficiencies. It also investigates how other participant arbitrage such market inefficiencies.Anonymoushttps://www.blogger.com/profile/09617952019451189369noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-10732353444611947852013-07-03T23:37:21.015-04:002013-07-03T23:37:21.015-04:00The Browns have a long way to go. From now on I w... The Browns have a long way to go. From now on I will take that into account as well.” Brown is well remembered by Patriots fans for the 2006 AFC divisional playoff game against San Diego when, with the Patriots down 21-13, the receiver stripped Marlon McCree after he had intercepted Tom Brady. Ebert had a career-high 75 receptions, 1,060 receiving yards, 11 receiving touchdowns, and a career-long 90-yard reception. This leads to Patriots fumble recovery by Rob Nikovich which results in a New England Patriots field goal <br /><a href="http://www.nflnewjerseys2013.com/" rel="nofollow">Wholesale Cheap NFL Jerseys</a>. New England is favored by as much as 9 points. You know the Patriots held out for that extra pick.<br /><br /> If not for a ridiculous string of penalties, the Chargers may have been able to come from behind and take down the Saints last week at the Superdome. Thus, bringing back Talib is critical to a team that’s weakest spot the past few years has been in the secondary. Buffalo is bringing in Blaine Gabbert and Christian Ponder so that will help them decide who they draft.Ravens head coach John Harbaugh has really been leaning on the cornerback blitz, which is typically a rare play used by NFL defenses, even one as exotic as Baltimore's <br /><a href="http://www.nflnewjerseys2013.com/men-game-jerseys-oakland-raiders-c-34_57.html" rel="nofollow">cheap Oakland Raiders jerseys</a>. Is his hair falling out? Is Brady going Terry Bradshaw? Will we see a classic comb-over next season?According to a report from the Associated Press, the national Enquirer reports that Brady's car was seen outside of the Leonard Hair Transplant Associates building in Cranston, Rhode Island. Louis he obviously didn’t have to go through again here <br /><a href="http://www.nflnewjerseys2013.com/retired-superstar-jerseys-san-francisco-49ers-c-95_105.html" rel="nofollow">cheap San Francisco 49ers jerseys</a>.One lesson learned last season in the NFL was the importance of the backup quarterback.<br /><br />2. The game could be close through the first half but the Patriots speed and pace will eventually be too much for an older Ravens defense.15.ParzychRantSports. Do you really think the Steelers are going to lose to a team that believes the officials robbed them of Super Bowl 40 on their home turf after losing 35 to 7 to a division rival?Most oddsmakers are spotting the Seahawks 14 points. Thanks to Welker's decision, Welker will be able to report to Patriots, training camp so he can get in shape for the 2012 NFL Season. Maybe firing the football to slot receiver Brandon Stokley will help.<br /><br />13.The star tight end will still be All-Pro Rob Gronkowski but Shiancoe will be used to attempt to deflect attention away from his record setting teammate. Adding Welker to a guy like Brandon Marshall-yikes. With Dennard on one side and Talib on the other, the Patriots made a brazen move sending Pro Bowl cornerback Devin McCourty to safety alongside Steve Gregory.Jeff Hanisch-US PRESSWIREWith Joe Flacco and the Ravens awaiting the Patriots down in Baltimore this Sunday, the "elite" quarterback debate has dominated the airwaves of Boston sports radio this week. Louis, it looks as though the ship is finally headed in the right direction for the Patriots.Defensive Tackle Philosophy 3-4 Nose Tackle The 3-4 nose tackle is the biggest player on the defense.<br /><br />kissingsaberhttps://www.blogger.com/profile/04328426264268882002noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-62031194278770303342013-07-01T02:58:56.426-04:002013-07-01T02:58:56.426-04:00Life Insurance Rates Wealth Copilot provide affor...<a href="http://www.wealthcopilot.com/life-insurance.html" rel="nofollow">Life Insurance Rates</a> Wealth Copilot provide affordable Life Insurance services at the best rates.<br /><br />wealthcopilothttp://www.wealthcopilot.com/life-insurance.htmlnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-22233874172055277302013-06-27T17:55:39.342-04:002013-06-27T17:55:39.342-04:00Noah,
I'm reluctant to bring this up for fear...Noah,<br /><br />I'm reluctant to bring this up for fear of sending you off track on something unlikely to help you with tenure, but maybe it could provide insight that might help, or is worth the time – Are you familiar with the work of Robert Haugen? He was at the University of California, Irvine, sadly recently deceased at only 70. He had some very interesting and very strong opinions on the market being substantially inefficient – herd behavior and feedback, money managers having serious agent-principle problems, and more. He has an intriguing little booktito, the New Finance. I talked about some of his work in a post that was in your ROUNDUP:<br /><br />http://richardhserlin.blogspot.com/2009/04/induction-deduction-and-model-is-only.html Richard H. Serlinhttps://www.blogger.com/profile/09824966626830758801noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-52960402610820561562013-06-27T17:35:36.649-04:002013-06-27T17:35:36.649-04:00I miss Shleifer & Vishny (1997) about limits o...I miss Shleifer & Vishny (1997) about limits of arbitrage (though the cited "Noise Trader Risk in Financial Markets", by De Long et al. (1990) would be a clear antecedent.dpeonhttp://www.dpeon.comnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-33407637017729748372013-06-27T17:31:12.460-04:002013-06-27T17:31:12.460-04:00Thank you sooooooo much for this list. My PhD I...Thank you sooooooo much for this list. My PhD I'm working on is on 'behavioral microfoundations of retail credit markets' :-Ddpeonhttp://www.dpeon.comnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-62247272902488730882013-06-27T11:48:10.405-04:002013-06-27T11:48:10.405-04:00Or as an example, Rick Perry doesn't just want...Or as an example, Rick Perry doesn't just want a flat tax because thats how he believes wealth should be distributed morally in our society but rather because it makes sense 'economically'.<br /><br />Perhaps as technology allows us to pursue economics in a more scientific fashion this will change but until then...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-79898665744092202292013-06-27T11:44:18.221-04:002013-06-27T11:44:18.221-04:00Right but my point is that it seems (at least from...Right but my point is that it seems (at least from my untrained eye) that public use of economic analysis comes from a pre-filtered selection that reinforces an already held bias. At least more so than other (pseudo) sciences.<br /><br />A politician doesn't want to pursue a set of policies simply because its his politics but because the gods of Economics have commanded our society be run as such.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-43982618318381005622013-06-27T11:10:07.733-04:002013-06-27T11:10:07.733-04:00As an individual investor, I would profit much fro...As an individual investor, I would profit much from a book on this subject ... After all, we may have the option of going to cash and not having to run with the zombies. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-65884007704133930722013-06-27T08:24:22.378-04:002013-06-27T08:24:22.378-04:00Thank you for taking the time to compile this list...Thank you for taking the time to compile this list of classic papers in behavioural finance, Noah Smith. I enjoyed taking a look at all of them.<br /><br />But when I looked at the references for all of the papers you listed, I noticed that none of them cited Daniel Ellsberg's seminal 1961 article in <i>The Quarterly Journal of Economics</i>. For those who want to read Daniel Ellsberg's article, please see the following link.<br /><br />http://qje.oxfordjournals.org/content/75/4/643.abstract<br /><br />That stated, I think if one chooses to trace the references they cited, some of the articles cited by the scholars do cite Daniel Ellsberg's work.<br /><br />But why not cite Daniel Ellsberg directly? Obviously Noah Smith, you can't speak for all of the authors of the articles, but Daniel Ellsberg's critique of the axioms of choice as posed by Bruno de Finetti, Frank P. Ramsey, and Leonard J. Savage, is a highly original contribution with plenty of substance to draw on, and not just for theoretical matters. The axioms of choice posed by these three mathematicians are actually even more basic than Rational Expectations or the Efficient Markets Hypothesis, and widely-used at an implicit level in many economic models.<br /><br />Perhaps when you finally have your behavioural finance papers published in a peer-reviewed scholarly journal, Noah Smith, you could rectify this error by citing Daniel Ellsberg's excellent 1961 article and his 1962 doctoral thesis (which was regrettably published only in 2001), Noah Smith. For those interested in getting a copy of Daniel Ellsberg's doctoral thesis, please see the following link.<br /><br />http://www.amazon.com/Risk-Ambiguity-Decision-Studies-Philosophy/dp/0815340222Blue Aurorahttps://www.blogger.com/profile/02044362251868221897noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-77553351461551811482013-06-27T07:54:23.581-04:002013-06-27T07:54:23.581-04:00No prospect theory, or Dan Ariely? Fama's att...No prospect theory, or Dan Ariely? Fama's attempt to claim that various "anamolies" aren't related to behavioral finance would be an interesting reaed as well. <br /><br />I agree it is a facinating topic... too bad one would have to go through a "traditional" econ education first to get there.<br /><br />- JeffAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-73855270345702122332013-06-27T04:19:36.092-04:002013-06-27T04:19:36.092-04:00Well, I kinda disagree.... :)
You got to have som...Well, I kinda disagree.... :)<br /><br />You got to have some ideas about what you want of society and economic organisation and those are fundamentally political.<br /><br />I think it's better to admit upfront a couple of relatively non-controversial themes you want your society to follow (say, maximising public/sum of private utility/ies under the constraints of fundamental rights?), move from there to slightly more controversial ones ('some' redistribution is a Pareto improvement) and admit, that, as far as macro economics goes, the lack of counter-factual experiences and the noisiness of data, means that we can make recommendations but rarely prove beyond all reasonable doubts that something is true, let alone, true at all times.Anonymoushttps://www.blogger.com/profile/02635749385748660522noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-16666181679238869142013-06-27T04:10:13.406-04:002013-06-27T04:10:13.406-04:00No kidding, I just thought about getting a better ...No kidding, I just thought about getting a better idea of behavioral finance early this week. Thank you for making this so much easier.mehttps://www.blogger.com/profile/09659036295931579918noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-34450892990161501632013-06-27T02:14:34.418-04:002013-06-27T02:14:34.418-04:00Actually you could just follow me on Twitter, that...Actually you could just follow me on Twitter, that's better than all the roundups put together!Noah Smithhttps://www.blogger.com/profile/09093917601641588575noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-28957272896911864522013-06-27T01:38:25.710-04:002013-06-27T01:38:25.710-04:00And how bad is it that I find econ blogs much more...<i>And how bad is it that I find econ blogs much more fascinating than econ hw</i><br /><br />I think most people do! Econ assumptions rarely get challenged in the classroom...but on blogs it's a free-for-all.<br /><br /><i>we instantly dismiss all that does not conform to our world view, I say politics is the poison that will plague the usefulness of economics.</i><br /><br />I agree...the Derp is mighty!Noah Smithhttps://www.blogger.com/profile/09093917601641588575noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-54125592631164734742013-06-27T01:36:32.194-04:002013-06-27T01:36:32.194-04:00Hehe...only once or twice, I think. I'm pretty...Hehe...only once or twice, I think. I'm pretty busy these days...Noah Smithhttps://www.blogger.com/profile/09093917601641588575noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-14831847076548688252013-06-27T00:06:15.857-04:002013-06-27T00:06:15.857-04:00Wait really!! The roundup returns?! This has been ...Wait really!! The roundup returns?! This has been foreseen. So it begins Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-6044024873367303152013-06-27T00:03:53.951-04:002013-06-27T00:03:53.951-04:00Yes!!! Christmas in July err late June. And I beli...Yes!!! Christmas in July err late June. And I believe some behavioral psychologists from across the rigorous scientific pond will agree this is the start of some positive conditioning. I joyfully await your next roundup, and will spend the interim browsing your listed behavioral finance papers <br /><br />And continue to wish my econ professors were prolific bloggers instead of prolifically elderly.<br /><br />And how bad is it that I find econ blogs much more fascinating than econ hw... hasn't affected my grades yet but undergrad econ is pretty much a joke anyways. I keep hoping for insight and all I get are some silly platitudes wrapped in ridiculous assumptions. Why is it Noah, that when a Biologist informs you about his research, or when a physicist attempts to explain some new theory the average layman listens, yet when economists come out with new work we instantly dismiss all that does not conform to our world view, I say politics is the poison that will plague the usefulness of economics.<br /><br />Thanks againAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-26138373514687843842013-06-26T23:08:58.096-04:002013-06-26T23:08:58.096-04:00AUGGGGHHHHH, my greatest nightmare...demanding rea...AUGGGGHHHHH, my greatest nightmare...demanding readers!<br /><br />OK, Thursday Roundup will make a reappearance...Noah Smithhttps://www.blogger.com/profile/09093917601641588575noreply@blogger.comtag:blogger.com,1999:blog-17232051.post-56934683545668977462013-06-26T21:06:56.053-04:002013-06-26T21:06:56.053-04:00Skumbag Noah leaves for over a week, what about th...Skumbag Noah leaves for over a week, what about the pleasure I enjoy from reading you work did you take that into account when planning your extended hiatus Bring back the Thursday roundup and all will be forgiven.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-17232051.post-50761350466064099382013-06-26T19:16:04.646-04:002013-06-26T19:16:04.646-04:00Thanks, this is a very helpful list! Thanks, this is a very helpful list! Anonymousnoreply@blogger.com