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'''Overview'''
'''Overview'''
 
<center> <i> By Matt Walters, Dave Donahoo, Lydia Gray, Luke Volker, Franky </i></center>
<center> Economics traditionally conceptualizes the world according to the assumption that the entire population is comprised of equally informed, educated, and equity maximizing individuals (Homo Economicus).  It is argued that behavioral and psychological insights could improve the understanding of economic decisions by: 1. Identifying way in which behavior differs from the standard Homo Economicus model, and 2. showing how this behavior manifests itself in economic terms (Mullainathan and Thaler 2)  </center>
<center> Economics traditionally conceptualizes the world according to the assumption that the entire population is comprised of equally informed, educated, and equity maximizing individuals (Homo Economicus).  It is argued that behavioral and psychological insights could improve the understanding of economic decisions by: 1. Identifying way in which behavior differs from the standard Homo Economicus model, and 2. showing how this behavior manifests itself in economic terms (Mullainathan and Thaler 2)  </center>


Revision as of 15:47, 3 May 2007

Behavioral Economics

Overview

By Matt Walters, Dave Donahoo, Lydia Gray, Luke Volker, Franky
Economics traditionally conceptualizes the world according to the assumption that the entire population is comprised of equally informed, educated, and equity maximizing individuals (Homo Economicus). It is argued that behavioral and psychological insights could improve the understanding of economic decisions by: 1. Identifying way in which behavior differs from the standard Homo Economicus model, and 2. showing how this behavior manifests itself in economic terms (Mullainathan and Thaler 2)
This chart shows word counts using Lexis Nexis of the terms "behavioral finance" and "efficient markets" by year in General News, Major Papers, Full Text, scaled by an estimate of the number of words of text on Lexis-Nexis for the year. The chart shows that "behavioral finance" has been growing exponentially starting from several years after we began our workshop series, while "efficient markets" has been declining. The chart is dramatic evidence that behavioral finance has been gaining in the marketplace for ideas.


Home Page | History of Behavioral Economics | Basic Concepts | Stock Markets | Gambling and Stocks
| Gambler's fallacy and Law of Small Numbers |Hunting for Homo Sovieticus: Situational versus Attitudinal Factors |
Criticism of Behavioral Economics | Behavioral Economics: Sources
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