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Pension Design and StructureNew Lessons from Behavioral Finance$
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Olivia S. Mitchell and Stephen P. Utkus

Print publication date: 2004

Print ISBN-13: 9780199273393

Published to Oxford Scholarship Online: January 2005

DOI: 10.1093/0199273391.001.0001

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Behavioral Portfolios: Hope for Riches and Protection from Poverty

Behavioral Portfolios: Hope for Riches and Protection from Poverty

(p.67) Chapter 4 Behavioral Portfolios: Hope for Riches and Protection from Poverty
Pension Design and Structure

Meir Statman

Oxford University Press

This chapter argues that the behavioural portfolio theory offers a good description of investor behaviour and a basis for good policy prescriptions. The theory states that investors view with portfolios not as a whole, but as distinct layers in a pyramid of assets where layers are associated with specific goals, and where attitudes towards risk vary across layers. Unlike the mean-variance theory which offers portfolio descriptions that investors do not follow, the behavioural portfolio theory offers prescription of pyramid portfolios that are closer to reality.

Keywords:   behavioural portfolio theory, investor behaviour, investment, mean-variance portfolio theory, public policy

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