Explanation:

• Option A is incorrect because behavioral biases can impact all market participants, not just novice investors. This includes experienced investment managers as well.

• Option B is correct. Behavioral finance focuses on identifying and analyzing behavioral biases that influence investment decisions. These biases have been proposed as explanations for several observed pricing anomalies in the market.

• Option C is incorrect because behavioral finance does not assume that individuals consider all available information when making decisions. Instead, it highlights how cognitive biases and emotional factors can lead to deviations from rational decision-making.