Behavioural Economics and Finance

Behavioural Economics and Finance

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by Michelle Baddeley
     
 

Standard models in economics and finance usually assume that people are rational, self-interested maximisers, effectively co-ordinated via the invisible hand of the price mechanism. Whilst these approaches produce tractable, simple models, they cannot fully capture the uncertainties and instabilities that affect everyday choices in today’s complex world.

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Overview

Standard models in economics and finance usually assume that people are rational, self-interested maximisers, effectively co-ordinated via the invisible hand of the price mechanism. Whilst these approaches produce tractable, simple models, they cannot fully capture the uncertainties and instabilities that affect everyday choices in today’s complex world. Insights from the other social and behavioural sciences can help to fill the gap and behavioural economics is the subject which brings economics and finance together with psychology, neuroscience and sociology. Behavioural Economics and Finance introduces the reader to some of the key concepts and insights from this rich, inter-disciplinary approach to real-world decision-making.

Product Details

ISBN-13:
9780415614771
Publisher:
Taylor & Francis
Publication date:
10/16/2012
Series:
Routledge Advanced Texts in Economics and Finance Series, #18
Pages:
328

Table of Contents

Part I: Background 1. Introduction 2. Foundations: Psychology 3. Foundations: Neuroscience and Neuroeconomics Part II: Behavioural Microeconomic Principles 4. Learning 5. Socially and Identity 6. Heuristics and Biases 7. Prospects and Regrets 8. Personality, Moods and Emotions 9. Time and Plans 10. Bad Habits Part III: Macroeconomics and Financial Markets 11. Financial Instability 12. Behavioural Macroeconomics, Happiness and Wellbeing

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