Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
Shefrin - Behavioral & Neoclassical asset pricing theories - 2008
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Sentiment<br />
Probability<br />
0.045<br />
6<br />
0.040<br />
0.035<br />
0.030<br />
5<br />
0.025<br />
Bearish Density<br />
Bullish Density<br />
0.020<br />
Objective Density ¬<br />
0.015<br />
Equilibrium Density PM<br />
4<br />
0.010<br />
0.005<br />
3<br />
0.000<br />
96%<br />
97%<br />
98%<br />
100%<br />
101%<br />
102%<br />
103%<br />
105%<br />
106%<br />
Consumption Growth g (Gross Rate)<br />
2<br />
1<br />
0<br />
96%<br />
97%<br />
98%<br />
100%<br />
101%<br />
102%<br />
103%<br />
105%<br />
106%<br />
-1<br />
Consumption Growth Rate g (Gross)<br />
Copyright Hersh <strong>Shefrin</strong> <strong>2008</strong><br />
15
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