RUI: Market Models in Behavioral Economics
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
Financial economists have identified a series of features which seem            to be puzzles for standard theory.  For example, why do individual              investors find dividends attractive?  Why are returns in January                higher than in other months?  Do traders overreact to new                       information?  Do stock prices exhibit excess volatility?  Why are the           returns to managed funds so decidedly inferior to index funds?  This            project uses behavioral theory to explain these puzzles.  Behavioral            economics differs from standard neoclassical economics in its                   departure from the particular assumptions which characterize the                notion of rationality.                                                                                                                                          The project develops a general Arrow-Debreu framework which admits              both behavioral theory and standard neoclassical theory as special              cases.  The behavioral theory consists of prospect theory; heuristics           used to make judgments about probabilities; and regret aversion.  The           corresponding neoclassical theory consists of the standard expected             utility, general equilibrium framework.  The analysis centers on the            various uses of this framework in modern financial economics: the               capital asset pricing model (CAPM), the arbitrage pricing theory                (APT), and the efficient market hypothesis (EMH).                                                                                                               The originality and high quality of the investigators' past research            show that they have the ability to do the work.  The research agenda            is based in part on papers by the investigators on the payment of               dividends to investors and on investors' disposition to realize                 capital gains on stocks too early.
{'FirstName': 'Harold', 'LastName': 'Shefrin', 'PI_MID_INIT': 'M', 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Harold M Shefrin', 'EmailAddress': None, 'NSF_ID': '000180673', 'StartDate': '08/01/1987', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'Santa Clara University', 'CityName': 'SANTA CLARA', 'ZipCode': '950504776', 'PhoneNumber': '4085544764', 'StreetAddress': '500 EL CAMINO REAL', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'California', 'StateCode': 'CA', 'CONGRESSDISTRICT': '17', 'CONGRESS_DISTRICT_ORG': 'CA17', 'ORG_UEI_NUM': 'YE8LRJWSY3K9', 'ORG_LGL_BUS_NAME': 'PRESIDENT AND BOARD OF TRUSTEES OF SANTA CLARA COLLEGE', 'ORG_PRNT_UEI_NUM': None}
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{'Code': '9145', 'Text': 'SPECIAL PROGRAMS-RESERVE'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1987&All=true', 'xml': '8709237.xml'}