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Ovaj rad se bavi idejama i elementima bihevioralne ekonomije i njenim utjecajem na efikasnost financijskih tržišta. Tržištem je dugo dominirala ideja o racionalnim agentima koji djeluju samo kako bi maksimizirali svoju korist. Međutim, ljudi su osjećajna bića, ograničena svojim kognitivnim sposobnostima i ne uspijevaju uvijek biti onako savršeno racionalni kako bi to željeli. Bihevioralna ekonomija daje konkretnija objašnjenja ponašanja investitora i njihova procesa odlučivanja od općepriznatih standardnih modela ekonomije. U radu je ukratko izložen tradicionalan pristup ponašanju investitora, opisana teorija efikasnog tržišta i dan je pregled kritika na tradicionalan pristup. Zatim je predstavljena bihevioralna ekonomija kroz opis njenog povijesnog konteksta i njenih osnovnih ideja među kojima su izdvojene heuristike, pristranosti i prospektna teorija, te su objašnjene anomalije, područja primjene i novosti u bihevioralnoj ekonomiji. Izdvojeno je potpodručje bihevioralne financije koje se posebno bavi preferencijama i očekivanjima investitora te ograničenjima arbitraže. Također, predstavljeni su čimbenici koji utječu na donošenje odluka, objašnjena je važnost emocija i samokontrole te percepcije rizika u odlučivanju, kao i utjecaj investicijskog okruženja na isto. Predstavljena je nova teorija, svojevrsni spoj elemenata standardne i bihevioralne ekonomije, adaptive markets hypothesis. Cilj istraživanja je ustanoviti mogućnosti koje pruža bihevioralna ekonomija kao novi pristup promatranja donošenja odluka na financijskim tržištima. Svrha istraživanja je ukazati na važnost razumijevanja ponašanja sudionika na financijskom tržištu i promjena koje to ponašanje pokreće. This paper deals with ideas and elements of behavioral economics and its impact on the efficiency of financial markets. The market has been long dominated by the idea of rational agents acting only to maximize their benefits. However, people are sensual beings, limited in their cognitive abilities and fail to be always so perfectly rational as they would wish. Behavioral economics give a more concrete explanation of the behavior of the investors and their decision-making process from generally recognized standard models of the economy. The paper presents a brief review of the traditional approach to investor behavior, description of the efficient markets hypothesis and overview of the criticism of traditional approach. Behavioral economics is presented through a description of its historical context and its core ideas, among which are highlighted heuristics, biases and prospect theory. Furthermore, anomalies, areas of application and novelties of behavioral economics are explained. The subfield of behavioral economics, which is pointed out and specifically deals with investors' preferences and expectations and the limits of arbitration, is called behavioral finance. Also, factors influencing decision making are presented, the importance of emotions, self-control and risk perception in decision making is explained, as well as the impact of the investment environment. The new theory, a kind of combination of elements of standard and behavioral economics, adaptive markets hypothesis has been introduced. Tha aim of the research is to identify the opportunities offered by behavioral economics as a new approach to observing decision making. The purpose of research is to point out the importance of understanding behavior of participant of financial markets and the changes that behavior triggers.

U ovome radu je dan kronološki pregled najznačajnijih tradicionalnih teorija na financijskom tržištu. Kako je pretpostavljeno, takve teorije ne opisuju dovoljno kvalitetno i realno pravo stanje na tržištu. Stoga se rad okrenuo bihevioralnim financijama u svrhu stvaranja okvira u kojemu se mogu očitati razlike između dva pristupa financijama. Rad nudi uvod u bihevioralne financije, pregled empirijskih istraživanja, definira fenomene koji se pojavljuju i potom ih stavlja u odnos sa krizama. Bihevioralne financije predstavljaju novi, zanimljiviji i točniji uvid na financijsko tržište. Iz toga razloga, osim same analize odabranih studija, rad ide u smjeru promicanja bihevioralnih financija kao nedovoljno istraženog multidisciplinarnog područja. Promiče novu zvijezdu ekonomske misli. This thesis has given chronological review of the most significant traditional theories on financial market. As it is assumed, such theories do not describe good enough real market conditions. For that reason thesis has turned to behavioral finances in the purpose of making a frame in which it could be possible to differentiate two approaches of the finances. Thesis offers introduction into behavioral finances, review of empirical researches, defines phenomena that appear and then it puts them in a relathionship with crises. Behavioral finance represents new, more interesting and more accurate insight on financial market. For the aformentioned reasons, besides studies analysis, thesis goes into direction of promoting behavioral finances as multidisciplined area that has not been researched sufficiently. It promotes a new star of economic thought.