Archeology of Behavioral Finance

Behavioral finance results from an interdisciplinary convergence of cognitive psychology and financial economics. The apparition of behavioral approach in finance is generally dated back to the 1980s and this emergence is directly in line with the development of a more behavioral economics. A few books or papers are dedicated to the history of behavioral finance. However, some elements favorable to the emergence of behavioral approach in economics and finance existed before the 1950s (before the advent of behavioral economics). This paper presents an archeology of behavioral finance by proposing a historical analysis between contemporary behavioral and some forerunner works developed in the first part of the 20th century.