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Essentials of Investments: Chapter 9 - Behavioral Finance and Technical Analysis presents Behavioral Critique, Technical Analysis and Behavioral Finance, Share Price, Moving Averages, Trends and Corrections. | Behavioral Finance and Technical Analysis Bodie, Kane, and Marcus Essentials of Investments, 9th Edition McGraw-Hill/Irwin 9 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. 9.1 Behavioral Critique • Behavioral Finance • Financial market model emphasizing potential implications of psychological factors affecting investor behavior • Existence of irrational investors is not sufficient to render capital markets inefficient 9-2 9.1 Behavioral Finance • Information Processing • Forecasting errors • People overvalue recent experience compared to prior belief when forecasting • Overconfidence • People overestimate precision of beliefs or forecasts, and overestimate abilities 9-3 9.1 Behavioral Finance • Information Processing • Conservatism bias • Investors too slow in updating beliefs in response to recent evidence • Sample size neglect and representativeness • People prone to believe small sample is representative of population, infer patterns too quickly 9-4 9.1 Behavioral Finance • Behavioral Biases • Framing • Decisions affected by how choices are posed, i.e. gains relative to low baseline level or losses relative to higher baseline • Mental accounting • Form of framing; people segregate .
