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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SP/A Focuses on Hope and Fear<br />
Affect-based Representation<br />
Sentiment Function<br />
0.25<br />
0.2<br />
0.15<br />
Fear<br />
Hope<br />
(anterior insula)<br />
(nucleus accumbens)<br />
0.1<br />
0.05<br />
0<br />
106.19%<br />
95.82%<br />
96.15%<br />
96.48%<br />
96.81%<br />
97.14%<br />
97.48%<br />
97.81%<br />
98.15%<br />
98.48%<br />
98.82%<br />
99.16%<br />
99.50%<br />
99.84%<br />
100.18%<br />
100.53%<br />
100.87%<br />
101.22%<br />
101.56%<br />
101.91%<br />
102.26%<br />
102.61%<br />
102.96%<br />
103.32%<br />
103.67%<br />
104.03%<br />
104.38%<br />
104.74%<br />
105.10%<br />
105.46%<br />
105.82%<br />
-0.05<br />
Consumption Growth Rate g (Gross)<br />
54<br />
Copyright Hersh <strong>Shefrin</strong> <strong>2008</strong>