Come i comportamenti dei consumatori e dei vari agenti finanziari influenzano i mercati finanziari

This thesis focuses on the behavioral finance and its revolutionary application of psychology into the finance field. Its aim is to show how, for the first time, the behavioural finance has found the answers to the main market anomalies by analyzing the different biases and heuristics that affect the investors, but also the general consumers, decision making process. To do so, this document is divided into six chapters: in the first one, the differences between the efficient market hypothesis and the behavioral finance theory are analyzed. In the second one, the main market anomalies are explained by the mean of the behavioural finance theory. The third and fourth chapters try to describe the investors behaviors and the main biases affecting them; whereas the fifth chapter focuses on the market behaviour and the limits to arbitrage. Finally the thesis conclusion is provided by a case study, in which the GameStop stocks irrationalities showed at the beginning of 2021 are presented and explained, applying the theory previously discussed to the practice.