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A History of Behavioural Finance in Published Research: 1944 - 1988

Sun, 31 Jul 2011 15:34:00 GMT

This list is an updated version of an outdated chronology which originally appeared on the excellent behaviouralfinance.net website.

I have been through the list systematically to find online versions of the papers where they are available, and where they are not (for free) have linked to the versions which can be purchased at Jstor.

If you find any errors, or would like to suggest other papers for the chronology then please do not hesistate to contact me: jacob@moneyscience.com.

1944 Theory of Games and Economic Behaviour
John von Neumann and Oskar Morgenstern
Princeton University Press
1951

The Theory of Statistical Decisions
L J Savage
Journal of the American Statistical Association

1955

A Behavioral Model of Rational Choice
Herbert A. Simon
The Quarterly Journal of Economics, Vol. LXIX

1961 Rational Expectations and the Theory of Price Movements
John F. Muth
Econometrica, Volume 29, Issue 3
1963

Risk and Uncertainty: A Fallacy of Large Numbers
Paul A. Samuelson
Scientia

Introduction to Reprint of "Risk and Uncertainty: A Fallacy of Large Numbers" (1994)
John Cozzolino

On Speculative Prices and Random Walks A Denial
Robert E. Weintraub
Journal of Finance, Volume 18, Issue 1

1964 Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk
William F. Sharpe
Journal of Finance, Volume 19, Issue 3
1966

Filter Rules and Stock-Market Trading
Eugene F. Fama and Marshall E. Blume
Journal of Business

A New Look at Clustering of Stock Prices
Victor Niederhoffer
Journal of Business, Volume 39, Issue 2

1970 Commodity Futures: Trends or Random Walks?
Richard A. Stevenson and Robert M. Bear
Journal of Finance, Volume 25, Issue 1
1974

Judgement under Uncertainty: Heuristics and Biases
Amos Tversky and Daniel Kahneman
Science, New Series, Volume 185, Issue 4157

The Individual Investor: Attributes and Attitudes
Ronald C. Lease, Wilbur G. Lewellen and Gary G. Schlarbaum
The Journal of Finance, Volume 29, Issue 2

1976

The Efficiency of the Market for Foreign Exchange Floating Exchange Rates
W. Bradford Cornell and J. Kimball Dietrich
Journal of Financial and Quantitative Analysis
, Volume 11, Issue 4

Unbounded Utility Functions in Expected Utility Theory
Peter C. Fishburn
Quarterly Journal of Economics, Volume 90, Issue 1

1977

Patterns of Investment Strategy and Behavior Among Individual Investors
Ronald C. Lease, Wilbur G. Lewellen and Gary G. Schlarbaum
The Journal of Business, Volume 50, Issue 3

Risk, Uncertainty, and Divergence of Opinion
Edward M.Miller
The Journal of Finance, Volume 32, Issue 4

1978 The Efficiency of the Market for Foreign Exchange Under Floating Exchange Rates
W. Bradford Cornell and J. Kimball Dietrich
The Review of Economics and Statistics, Volume 60, Issue 1
1979

Prospect Theory: An Analysis of Decision under Risk
Daniel Kahneman and Amos Tversky
Econometrica, Volume 47, Issue 2

1980 Bayes Rule as a Descriptive Model: The Representative Heuristic
David M. Grether
The Quarterly Journal of Economics, Volume 95, Issue 3
1981

The Framing of Decisions and the Psychology of Choice
Daniel Kahneman and Amos Tversky
Science
, New Series, Volume 211, Issue 4481

1982

A Direct Test of Roll's Conjecture on the Firm Size Effect
Marc R. Reinganum
Journal of Finance
, Volume 37, Issue 1

Rational Expectations and Risk Premia in Forward Markets: Primary Metals at the London Metals Exchange
David A. Hsieh and Nalin Kulatilaka
The Journal of Finance, Volume 37, Issue 5

Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty
Graham Loomes and Robert Sugden
The Economic Journal, Volume 92, Issue 368

1983

Related Disciplines
Richard Thaler
Journal of Economic Literature, Volume 21, Issue 3

Subjective Awareness of Stereotyping: Do We Know When Our Judgments are Prejudiced?
Christine Hepburn and Anne Locksley
Social Psychology Quarterly
, Volume 46, Issue 4

1984

Achieving Representativeness of the Observable Component of the Indirect Utility Function in Logit Choice Models: An Empirical Revelation
David A.Hensher
Journal of Business, Volume 57, Issue 2

1985

Personal Income Taxes and the January Effect: Small Firm Stock Returns Before the War Revenue Act of 1917: A Note
Paul Schultz
Journal of Finance, Volume 40, Issue 1

Does the Stock Market Overreact?
Werner F. M. De Bondt and Richard Thaler
Journal of Finance, Volume 40, Issue 3, Papers and Proceedings of the Forty-Third Annual Meeting American Finance Association

Does the Stock Market Overreact?: Discussion
Peter L. Bernstein
Journal of Finance
, Volume 40, Issue 3, Papers and Proceedings of the Forty-Third Annual Meeting American Finance Association

The Relevance of Quasi Rationality in Competitive Markets
Thomas Russell and Richard Thaler
The American Economic Review, Volume 75, Issue 5

1986

Decision Making Under Ambiguity
Hillel J. Einhorn and Robin M. Hogarth
Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory

Rational Choice and the Framing of Decisions
Amos Tversky and Daniel Kahneman
Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory

Beating the Foreign Exchange Market
Richard J., Sweeney
Journal of Finance, Volume 41, Issue 1

Noise
Fischer Black
Journal of Finance
, Volume 41, Issue 3, Papers and Proceedings of the Forty-Fourth Annual Meeting of the America Finance Association

Rationality and Utility from the Standpoint of Evolutionary Biology
Donald T., Campbell
Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory

Is the Rational Expectations Hypothesis Enough?
John P.Gould
Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory

Anomalies in Financial Economics: Blueprint for Change?
Allan E.Kleidon
Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory

Comments on Plott and on Kahneman, Knetsch, and Thaler
Howard Kunreuther
The Journal of Business, Volume 59, Issue 4, Part 2: The Behavioral Foundations of Economic Theory

Here is a Comment by the same paper by R. Duncan Luce.

1987

Nonsynchronous Security Trading and Market Index Autocorrelation
Michael D. Atchison , Kirt C. Butler and Richard R. Simonds
Journal of Finance, Volume 42, Issue 1

Rational Models of Irrational Behavior
George A. Akerlof and Janet L. Yellen
The American Economic Review, Volume 77, Issue 2, Papers and Proceedings of the Ninety-Ninth Annual Meeting of the American Association

Can Tax-Loss Selling Explain the January Effect? A Note
Charles P. Jones, Douglas K. Pearce and Jack W. Wilson
Journal of Finance, Volume 42, Issue 2

Further Evidence on Investor Overreaction and Stock Market Seasonality
Werner F. M. De Bondt and Richard Thaler
Journal of Finance
, Volume 42, Issue 3, Papers and Proceedings of the Forty-Fifth Annual Meeting of the American Finance Association

Anomalies: The January Effect
Richard, H., Thaler
The Journal of Economic Perspectives, Volume 1, Issue 1

1988

Some New Filter Rule Tests: Methods and Results
Richard J. Sweeney
Journal of Financial and Quantitative Analysis, Volume 23, Issue 3

Time-Variation in Expected Returns
Jennifer Conrad and Gautam Kaul
Journal of Business
, Volume 61, Issue 4

The January Effect and Aggregate Insider Trading
H. Nejat, Seyhun
Journal of Finance, Volume 43, Issue 1

A Theory of Noise Trading in Securities Markets
Brett Trueman
Journal of Finance, Volume 43, Issue 1 (Mar., 1988), 83-95.

Permanent and Temporary Components of Stock Prices
Eugene F. Fama and Kenneth R. French
The Journal of Political Economy, Volume 96, Issue 2

Testing Rationality in the Point Spread Betting Market
John Gandar et al.
The Journal of Finance
, Volume 43, Issue 4

Mean Reversion in Short-Horizon Expected Returns
Jennifer Conrad and Gautam Kaul
Review of Financial Studies, Volume 2, Issue 2

Preference Reversals Without the Independence Axiom
James C. Coxand Seth Epstein
The American Economic Review, Volume 79, Issue 3

Anomalies: A Mean-Reverting Walk Down Wall Street
Werner F. M. De Bondt and Richard Thaler
The Journal of Economic Perspectives
, Volume 3, Issue 1

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