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Keen Behavioural Finance 2011 Lecture03 Finance Markets Behaviour Part 1

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Uploaded on Aug 17, 2011

John von Neumann developed Expected Utility theory to wean economists off indifference curve analysis and onto a numerical basis for utility. Instead, they combined indiffiference curves with absurd assumptions about individual behavior in asset markets and a confusion of risk with uncertainty to develop the Capital Assets Pricing Model.

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