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Authored by José Luiz Barros Fernandes, Juan Ignacio Peña, and Benjamin Miranda Tabak, the paper was published in April 2009 by the Banco Central do Brasil. It examines how psychological biases and heuristics, central to behavioral finance, influence the estimation of risk parameters, which in turn impacts the effectiveness of stochastic optimization strategies for portfolios. The research aims to provide a deeper understanding of market anomalies and investor decision-making processes, offering insights into more robust methods for portfolio management in dynamic financial environments. The findings are of significant interest to academics, financial analysts, and portfolio managers seeking to refine their quantitative models and behavioral approaches to investment.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/behavior-finance-and-estimation-risk-in-stochastic-portfolio-optimization-working-paper-series-184/198561/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/behavior-finance-and-estimation-risk-in-stochastic-portfolio-optimization-working-paper-series-184/198561.png","ImageObject",442,249,{"name":88,"@type":89},"Caleb Sterling","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-26","2026-09-04",true,{"@type":98,"interactionType":99,"userInteractionCount":47},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is the main topic of Working Paper Series No. 184?","Question",{"text":108,"@type":109},"Working Paper Series No. 184 focuses on the intersection of Behavioral Finance and Estimation Risk in the domain of Stochastic Portfolio Optimization.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Who are the authors of this paper?",{"text":113,"@type":109},"The paper is authored by José Luiz Barros Fernandes, Juan Ignacio Peña, and Benjamin Miranda Tabak.",{"name":115,"@type":106,"acceptedAnswer":116},"When was this working paper published?",{"text":117,"@type":109},"This working paper was published in April 2009.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},198561,1788482817,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":47,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":45},962084925290,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","| Working Paper Series | Brasília | n. 184 | Apr. | 2009 | p. 1-60 |\n| --- | --- | --- | --- | --- | --- |","cbCaicb5G1dD3knn","https://ap.wps.com/l/cbCaicb5G1dD3knn","pdf",291849,61,"English","# Behavior Finance and Estimation Risk\n## in Stochastic Portfolio Optimization\n## José Luiz Barros Fernandes, Juan Ignacio Peña and Benjamin Miranda Tabak\n## April, 2009","[{\"question\":\"What is the main topic of Working Paper Series No. 184?\",\"answer\":\"Working Paper Series No. 184 focuses on the intersection of Behavioral Finance and Estimation Risk in the domain of Stochastic Portfolio Optimization.\"},{\"question\":\"Who are the authors of this paper?\",\"answer\":\"The paper is authored by José Luiz Barros Fernandes, Juan Ignacio Peña, and Benjamin Miranda Tabak.\"},{\"question\":\"When was this working paper published?\",\"answer\":\"This working paper was published in April 2009.\"}]","Behavior Finance and Estimation Risk in Stochastic Portfolio Optimization - Working Paper Series 184 | PDF"]