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            <title xml:lang="en">Traditional versus Behavioral Finance Theory</title>
            <title xml:lang="fr">La théorie de la finance traditionnelle contre la théorie de la finance comportementale</title>
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            <idno type="halRefHtml">&lt;i&gt;International Journal of Accounting, Finance, Auditing, Management and Economics&lt;/i&gt;, 2022, Theoretical Research, 3 (2-1), pp.282-294. &lt;a target="_blank" href="https://dx.doi.org/10.5281/zenodo.6392167"&gt;&amp;#x27E8;10.5281/zenodo.6392167&amp;#x27E9;&lt;/a&gt;</idno>
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                <term xml:lang="en">behavioral biases.</term>
                <term xml:lang="en">Prospect theory</term>
                <term xml:lang="en">Efficient market theory</term>
                <term xml:lang="en">Behavioral finance</term>
                <term xml:lang="en">Standard finance</term>
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              <p>According  to  traditional  finance  theorists,  in  an  efficient  market,  investors  think  and  behave  "rationally"  when trading, buying, and selling stocks, and each investor considers carefully all available information before making any trading or investment decisions. The theory of the financial market efficiency or efficient market hypothesis (EMH)  corresponds  to  the  theory  of  competitive  equilibrium  applied  to  the  financial  securities  market.  Indeed, efficiency assumes the atomicity of the market actors and that all the participants are in active competition with the aim of maximizing profits, so that none of them can alone influence the level of prices which will establish themselves in the market. However,  behavioral  finance,  whose  main  purpose  is  to  study the  real  behavior  of  investors  in  the  financial markets,  based  on  social  and  cognitive  psychology,  has  come  to  demonstrate  with  convincing  evidence  that investors  make  major  systematic  errors  and  that  psychological  biases  affect  investors'  investment  decision-making. In other words, behavioral finance claims that investors tend to have psychological and emotional biases that lead to making irrational investment decisions. In this article, we will try in thefirst part to examine the nature and the extent of knowledge on the theory of the financial  markets  efficiency,  one  of  the  fundamental  paradigms  in  traditional  finance.  Despite  its  considerable contribution to economic and financial theory, it has been hotly contested in recent years. In the second part,we will focus on the theory of behavioral finance, its main theory (prospect theory), its main biases and heuristics as well as its contribution and its limits.</p>
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              <p>Selon  les  théoriciens  de  la  finance  traditionnelle,  dans  un  marché  efficient,  les  investisseurs  pensent  et  se comportent « rationnellement » lorsqu'ils négocient, achètent et vendent des actions, et chaque investisseur tient soigneusement compte de toutes les informations disponibles avant de prendre des décisions d'investissement. La théorie de l’efficience des marchés financiers correspond à la théorie de l’équilibre  concurrentiel  appliquée  au marché des titres financiers. En effet, l’efficience suppose l’atomicité des agents et que les participants sont en concurrence active dans le but de réaliser des profits, de telle sorte qu’aucun d’entre eux ne puisse à lui seul influencer sur le niveau des prix qui s’établiront sur le marché.Cependant, la finance comportementale, ayant pour finalité l’étude des comportements réels des investisseurs au niveau des marchés financiers, en se basant sur la psychologie sociale etcognitive, est venue démontrer avec des preuves  convaincantes  que  les  investisseurs  commettent  des  erreurs  systématiques  majeures  et  que  les  biais psychologiques  affectent  la  prise  de  décision  d'investissement  des  investisseurs.  En  d'autres  termes,  la  finance comportementale prétend que les investisseurs ont tendance à avoir des préjugés psychologiques et émotionnels qui conduisent à l'irrationalité. Dans  cet  article,  nous  allons  essayer  dans  une  première  partie  d’examiner  la  nature  et  l’étendue  des connaissances sur la théorie de l’efficience des marchés financiers l’un des paradigmes fondamentaux en finance traditionnelle. En dépit de son apport considérable à la théorie économique et financière, elle se trouve vivement contestée depuis ces dernières années. En deuxième partie, nous allons nous focaliser sur la théorie de la finance comportementale,  sa  principale  théorie  (théorie  des  perspectives),  ses  principaux  biais  et  heuristiques  ainsi  que son apport et ses limites.</p>
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