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RISK-TAKING, GAMBLING, SPECULATION, AND A BEHAVIORAL INTERPRETATION OF MARKET PSYCHOLOGY

Economic theory fails to adequately explain the appeal of gambling. Although most economists believe the market to be reasonably efficient, security markets are studies in excess. Speculative bubbles occur from time to time. Prices overshoot intrinsic value in both directions. Despite the widespread evidence that momentum in prices is largely a statistical illusion for most firms, many investors act as if it were real, thus the appeal of technical approaches as trading strategies. Although not effectively explained by economic theory, all of these phenomena are consistent with results one would expect given the implications of behavioral psychology.