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| Title: | The Contributions of Daniel Kahneman and Amos Tversky. |
| Authors: | Shefrin, Hersh Statman, Meir |
| Source: | Journal of Behavioral Finance; 2003, Vol. 4 Issue 2, p54, 5p |
| Document Type: | Article |
| Subject Terms: | *ECONOMICS PSYCHOLOGISTS NOBEL Prizes |
| People: | KAHNEMAN, Daniel TVERSKY, Amos |
| Abstract: | Comments on the contributions of psychologists Daniel Kahneman and Amos Tversky. Nobel Prize in Economics received by Kahneman and Tversky from the Royal Swedish Academy of Science; Information about the prospect theory and portfolio construction; Behavioral approaches to asset pricing; Importance of the contributions of Kahneman and Tversky to finance. |
| Author Affiliations: | 1Santa Clara University |
| ISSN: | 1542-7560 |
| Accession Number: | 11638241 |
| Title: | Goals-Based Investing: Integrated Traditional and Behavioral Finance. |
| Authors: | Nevins, Daniel1 dnevins@seic.com |
| Source: | Journal of Wealth Management; Spring2004, Vol. 6 Issue 4, p8, 16p, 3 diagrams, 3 graphs |
| Document Type: | Article |
| Subject Terms: | *WEALTH*PORTFOLIO management*RISK management*RISK assessment*CAPITALISTS & financiers*FINANCE |
| NAICS/Industry Codes: | 52392 Portfolio Management 523999 Miscellaneous Financial Investment Activities |
| Abstract: | This article examines opportunities to improve wealth management by combining traditional finance theory with the observations of behavioral finance. Areas of focus include risk measurement, risk profiling, and methods for managing behavioral biases. In the area of risk measurement, the author stresses the importance of capturing investor preferences and goals and proposes several measures that are consistent with this objective. The author also critiques common risk profiling techniques, advocating separate risk tolerance estimates for separate goals rather than an overall risk tolerance for each investor, noting that the total portfolio framework of traditional finance is inconsistent with investors' tendencies towards mental accounting. A better result may be achieved by linking individual strategies to a specific goal or goals. The author describes a process for implementing his recommendations through examples, considering the challenges of investing to meet current lifestyle expenses and investing for a fixed planning horizon. The article closes with a call to align investment strategy development with common investor goals, arguing that this will promote consistency between the investment principles of the practitioner and the perspective of the individual investor. [ABSTRACT FROM AUTHOR] |
| Author Affiliations: | 1Managing director, Investment Strategy Research, SEI Investments, Oaks, PA |
| ISSN: | 1534-7524 |
| Accession Number: | 12415661 |
| Persistent link to this record: | http://search.epnet.com/login.aspx?direct=true&AuthType=cookie,ip,url,uid&db=buh&an=12415661 |
| Database: | Business Source Premier |
[此贴子已经被作者于2004-11-17 17:25:06编辑过]
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