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A Crisis of Beliefs : Investor Psychology and Financial Fragility / Andrei Shleifer, Nicola Gennaioli.

By: Contributor(s): Material type: TextTextPublisher: Princeton, NJ : Princeton University Press, [2018]Copyright date: ©2018Description: 1 online resource (264 p.)Content type:
Media type:
Carrier type:
ISBN:
  • 9780691182506
  • 9780691184920
Subject(s): Other classification:
  • online - DeGruyter
Online resources: Available additional physical forms:
  • Issued also in print.
Contents:
Frontmatter -- CONTENTS -- ACKNOWLEDGMENTS -- Introduction -- CHAPTER 1 The Financial Crisis of 2008 -- CHAPTER 2 What Were They Thinking? -- CHAPTER 3 A Neglected Risk Model of the Financial Crisis -- CHAPTER 4 Extrapolation in Financial Markets -- CHAPTER 5 Representativeness and Diagnostic Beliefs -- CHAPTER 6 Diagnostic Expectations and Credit Cycles -- CHAPTER 7 Open Problems -- Appendix: Proofs -- References -- Index
Summary: How investor expectations move markets and the economyThe collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks.Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people-and how financial and economic instability persist.A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780691184920

Frontmatter -- CONTENTS -- ACKNOWLEDGMENTS -- Introduction -- CHAPTER 1 The Financial Crisis of 2008 -- CHAPTER 2 What Were They Thinking? -- CHAPTER 3 A Neglected Risk Model of the Financial Crisis -- CHAPTER 4 Extrapolation in Financial Markets -- CHAPTER 5 Representativeness and Diagnostic Beliefs -- CHAPTER 6 Diagnostic Expectations and Credit Cycles -- CHAPTER 7 Open Problems -- Appendix: Proofs -- References -- Index

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

How investor expectations move markets and the economyThe collapse of Lehman Brothers in September 2008 caught markets and regulators by surprise. Although the government rushed to rescue other financial institutions from a similar fate after Lehman, it could not prevent the deepest recession in postwar history. A Crisis of Beliefs makes us rethink the financial crisis and the nature of economic risk. In this authoritative and comprehensive book, two of today's most insightful economists reveal how our beliefs shape financial markets, lead to expansions of credit and leverage, and expose the economy to major risks.Nicola Gennaioli and Andrei Shleifer carefully walk readers through the unraveling of Lehman Brothers and the ensuing meltdown of the US financial system, and then present new evidence to illustrate the destabilizing role played by the beliefs of home buyers, investors, and regulators. Using the latest research in psychology and behavioral economics, they present a new theory of belief formation that explains why the financial crisis came as such a shock to so many people-and how financial and economic instability persist.A must-read for anyone seeking insights into financial markets, A Crisis of Beliefs shows how even the smartest market participants and regulators did not fully appreciate the extent of economic risk, and offers a new framework for understanding today's unpredictable financial waters.

Issued also in print.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 27. Sep 2021)

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