4 is the opening statement as it introduces the idea of using behavioral models in finance. Hence, options B and D are eliminated. 1−3−2 forms a logical sequence as 1 introduces the "efficient market hypothesis", 3 contradicts 1 by giving the example of "asset price bubbles". Statement 2 talks further about the phenomenon. Statement 5 builds up on 2 by talking about the "irrational exuberance" referring to the "investors bidding up" in 1. Thus, the required sequence is 4−1−3−2−5.