Traditional economic and financial theory is being challenged
because normative, prescriptive models derived from it are not
predicting the behavior of successful producers, investors, or
consumers as well as anticipated. Economists and psychologists are
documenting anomalies at the individual level, in financial
markets, and in natural economic settings. This opens the larger
question of the importance of psychological, sociological, and
other phenomena for financial and economic behavior. It even raises
the issue of what economic rationality really is. This book surveys
and examines the increasing evidence of economic anomalies. It
argues for an eventual, comprehensive behavioral framework for
economics and finance, but in the interim, indicates how the
tendency to use rules of thumb might be taken into account to
improve predictions about decision making.
The book is aimed at those, including business executives and
students, with intermediate-level preparation in economics or
finance. Part I, however, is accessible to those with only an
introductory course. Part II should prove useful to professionals
in economics and finance who seek a solid introduction to this
area. The presentation speculates about possible applications of a
behavioral analysis to past and present public policy issues. It
closes with guidelines for decision making that suggest how, in the
absence of a comprehensive behavioral theory of economics and
finance, to improve prediction about decision making by taking into
account the heuristics, or rules of thumb, used by decision makers
and the biases that those heuristics involve.
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