Modern financial markets offer the real world's best approximation to the idealized price auction market envisioned in … economic theory. Nevertheless, as the increasingly exquisite and detailed financial data demonstrate, financial markets often … beyond the world of finance to suggest, very powerfully, the importance of pursuing behavioral approaches to other areas of …

market theory, which proceeds on the assumptions that all correspondent information are reflected in the stock prices, all … negative effects are directly balanced on the market level and that efficiency of arbitrage principle exists as well as that … the formation of prices on the capital market. In the 1980s the theory of Behavioural Finance was developed, which …