From rational to behavioral: An epistemological bridge between Markowitz, Fama, and Shiller

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.