A CONCEPTUAL VIEW OF BEHAVIORAL FINANCE

Özet

It is accepted that the historical process of behavioral economics, on which the basics of behavioral finance are based, began with the study of "The Theory of Sentiments" by Adam Smith in the mid-18th century. (Asraf, Camerer and Loewenstein, 2005:132). In the 20th century, the neoclassical economy entered the era by developing models with theoretical approaches and it was revealed that man made economic decisions by exhibiting rational behaviors. While these developments have been experienced in economic science, psychological based approaches have been developed and new approaches have been put forward in behavioral sciences. The aim of this study is to examine the concept of behavioral finance, its historical development, its interaction with other disciplines and the theories of behavioral finance. The articles, books and theses written in the field were usedfor this purpose. The differences with traditional finance theories have been tried to be put forward.