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Behavioral Finance

Sergey Zhuk
Email: sergey.zhuk@univie.ac.at

Maria Chiara Iannino
Email: maria.chiara.iannino@univie.ac.at

Course Description

Traditionally, Financial Economics assumes that investors and other market participants are perfectly rational. While this is a good first approximation, we currently know there are a number of systematic biases in people’s behavior. The goal of this course is to discuss how these biases affect financial markets and investors’ decisions. We will start with describing the most relevant deviations (such as overconfidence, representativeness and others), and we will continue with various financial applications. We will talk about bubbles, herding, and implications for corporate decisions and investors’ behavior.


A basic knowledge of finance and microeconomic theory is required. Some prior knowledge in statistics, probability and econometrics will be very useful.
We will assume that you took Principles of Finance and Empirical Finance.

Institut für Finanzwirtschaft
Fakultät für Wirtschaftswissenschaften
Universität Wien

Oskar-Morgenstern-Platz 1
1090 Wien
T: +43-1-4277-38262
F: +43-1-4277-838262
Universität Wien | Universitätsring 1 | 1010 Wien | T +43-1-4277-0