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SUMMARY:Time and value: traps and fallacies of asset pricing - Dean Buckne
 r (Bank of England)
DTSTART:20160428T120000Z
DTEND:20160428T130000Z
UID:TALK62610@talks.cam.ac.uk
CONTACT:Cerf Admin
DESCRIPTION:Abstract We are familiar with the concept of \n> 'statistical 
 illusion'\, that is\, the tendency for human beings to make \n> statistica
 lly incorrect inferences from empirical data. Examples of \n> these includ
 e the clustering illusion ('hot hand fallacy')\, and the \n> gambler's fal
 lacy. This presentation discusses statistical illusion \n> and cognitive b
 ias in the financial markets\, and how it can impact the decisions of buye
 rs and sellers. Examples include technical analysis\, correlation products
 \, long-term discount rates\, securitisation products and mortgage break c
 lauses. To what extent are all market agents prone to cognitive bias? If s
 o\, what implication does such bias have for regulation and market ethics?
 \n
LOCATION:Room W4.03 Judge Business School
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