Leonel Arango-Vasquez - From rational to behavioral: An epistemological bridge between Markowitz, Fama, and Shiller

jpe:15444 - Journal of Philosophical Economics, October 27, 2025, Volume XVIII - https://doi.org/10.46298/jpe.15444
From rational to behavioral: An epistemological bridge between Markowitz, Fama, and ShillerArticle

Authors: Leonel Arango-Vasquez ORCID1


This article examines the epistemology of finance by analyzing how different theoretical perspectives shape knowledge and decision-making in markets. A comparative analysis is adopted to contrast the underlying premises of each perspective and their applicability in contexts of uncertainty, volatility, and structural changes in markets. The findings demonstrate that, while each theoretical framework provides valuable analytical tools, their combination offers a more robust understanding of financial behavior. The integration of these approaches, along with interdisciplinary methodologies, is essential for a more holistic and adaptable view of financial epistemology, allowing for a more accurate evaluation of the interaction between rationality, uncertainty, and behavior in contemporary global markets.


Volume: Volume XVIII
Section: Articles
Published on: October 27, 2025
Accepted on: October 22, 2025
Submitted on: March 31, 2025
Keywords: [QFIN.PM]Quantitative Finance [q-fin]/Portfolio Management [q-fin.PM], [SHS.HISPHILSO]Humanities and Social Sciences/History, Philosophy and Sociology of Sciences, [en] portfolio diversification, market efficiency, behavioral finance, financial theory, interdisciplinary integration, financial epistemology

Consultation statistics

This page has been seen 129 times.
This article's PDF has been downloaded 14 times.