While it is not surprising that financial decision-makers make mistakes, behavioural finance teaches us that many of these errors are systematic and can be explained by our psychological makeup. An understanding of these biases can improve personal financial decision-making, facilitate client relationships and lead to product design improvements. More controversially, the view that instances of investor irrationality cancel themselves out, rendering markets perfectly efficient, is being called into question. This would suggest that there may be behavioural explanations for some well-known market anomalies. This course examines these issues and will be of interest to students pursuing careers in the investment industry.
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