Traditional finance ____ that individuals act as perfectly rational economic beings who objectively consider all relevant information to make rational decisions, and that this process ____ eficient markets. Research results have ____ these assumptions ____. Kahneman and Tversky pioneered this work in the early 1970s, initially setting logic tests where individuals’ intuitive answers were predictably ____. This supported the idea that human decision-making has systematic ____ that ____ irrational decisions. This work was extended by Kahneman, Tversky, and others, who have suggested that a better understanding of these biases by clients (and by the professionals who work with those clients) should produce securities prices and ____ over time that better ____ the informationally eficient markets of traditional finance theory.

Behavioral Finance

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