Optimally Irrational: The Hidden Benefits of Bad Instincts provides economists, social scientists and researchers in behavioral economics with a clear view of the frontier of research in economics and other behavioral sciences, including how the different biases unveiled by behavioral economics make sense when we try to optimize problems. The book evaluates the role of bias in human economic behavior, considers the human decision-making processes as the product of natural selection, and explores why we behave the way we do. Discusses how we think about, and adopt, apparently irrational behaviors and biases in empirical research Explains how biases may be adaptive solutions to well-posed optimization problems under constraints Unites advances in behavioral economics with those from other behavioral sciences and evolutionary biology
This collection of essays explores the most relevant developments at the interface of economics and psychology, giving special attention to models of irrational behavior, and draws the relevant implications of such models for the design of legal rules and institutions. The application of economic models of irrational behavior to law is especially challenging because specific departures from rational behavior differ markedly from one another. Furthermore, the analytical and deductive instruments of economic theory have to be reshaped to deal with the fragmented and heterogeneous findings of psychological research, turning towards a more experimental and inductive methodology. This volume brings together pioneering scholars in this area, along with some of the most exciting developments in the field of legal and economic theory. Areas of application include criminal law and sentencing, tort law, contract law, corporate law, and financial markets.
|Author||: Elesa Zehndorfer|
|Release Date||: 2018-02-13|
|ISBN 10||: 1351978810|
|Pages||: 164 pages|
The financial markets are a rollercoaster and this book follows the same theme the seduction of money, our ruinous, heady and high stakes pursuit of it, the incredible fortunes and calamitous losses that have been made in its name, the new and significant threat of retail (armchair) investors wanting their piece of the pie, and the perpetual and foolish mismatch that has always existed and will always exist between our evolutionary programming and the design of the financial markets. The dominant theme that runs throughout the book ('Working out Wall Street') is actually a play on words, and relates both to the need to work out why Wall Street traders act so irrationally (e.g. using behavioural finance and evolutionary design to explain herding and panic selling), and the need to use physiological and sport science-related approaches to explain why working out (i.e. adopting exercise and diet-related practices usually applied to athletes) can significantly counter these behaviours. The phrase 'animal spirits' utilised in the concluding chapter title ('Taming Animal Spirits') refers to the seminal work of John Maynard Keynes in his 1936 classic work The General Theory of Employment, Interest and Money and the idea that human emotions-animal spirits- remain a significant driver in (irrational and emotional) investing. The rationale for this book is clear; behavioural finance and neurofinance have opened the floodgates in terms of recognising the role of emotional investing in cyclical boom-and-bust scenarios but what is still missing is an answer to the question So what do we do about it? This book seeks, in as compelling and entertaining a fashion as possible, to provide that answer.
Philosophy involves a criticism of scientific knowledge, not from a point of view ultimately different from that of science, but from a point of view less concerned with details and more concerned with the h- mony of the body of special sciences. Here as elsewhere, while the older logic shut out possibilities and imprisoned imagination within the walls of the familiar, the newer logic shows rather what may happen, and refuses to decide as to what must happen. Bertrand Russell At any particular stage in the development of humanity knowledge comes up against limits set by the necessarily limited character of the experience available and the existing means of obtaining knowledge. But humanity advances by overcoming such limits. New experience throws down the limits of old experience; new techniques, new means of obtaining knowledge throw down the limits of old techniques and old means of obtaining knowledge. New limits then once again appear. But there is no more reason to suppose these new limits absolute and final than there was to suppose the old ones absolute and final.
In The Irrational Atheist Vox Day, writer, columnist and software designer, challenges three authors, Sam Harris, Richard Dawkins and Christopher Hitchens, on their own ground—reason itself. Day argues persuasively that Dawkins, Harris and Hitchens employ false assertions and faulty reasoning throughout their works. From the assertion that religion drives wars to the analysis showing blue states are more moral than red states, Day, in this rigorously documented work, dissects the false conclusions and shows exactly why they are wrong. The Irrational Atheist does not argue from a religious or Biblical perspective—its arguments are purely based on hard factual data and careful reasoning.
A complete framework for applications of behavioral finance in private banking, Behavioural Finance for Private Banking considers client needs specific to private banking like personal circumstances, objectives, and attitude to risk. This book includes the theoretical foundations of investment decision-making, an introduction to behavioral biases, an explanation of cultural differences in global business, a guide to asset allocation over the life cycle of the investment, and several case studies to illustrate how can be applied. A must-read for anyone in private banking, this book demonstrates how to satisfy client needs.
This title includes the following features: Presents a comprehensivediscussion of the central issues of psychiatric ethics, defining and exploringeach of these issues; Contains essential readings for each of these central issues, providing in onevolume readings that would otherwise be difficult to obtain; Includes introductory essays that provide a comprehensive overview of eachissue, efficiently and effectively organizing the reader's approach to theselected readings; Draws on the success of the well-known and respected 'PsychiatricEthics'
Culled from the pages of America's most popular gay magazine, The Advocate, this collection of stories chronicles the best reporting on topics that define the gay and lesbian political and social movement. Coverage ranges from Stonewall and the birth of gay rights via AIDS and sexuality, to interviews with leading politicians and cultural icons. Sometimes tragic, often controversial, these are the stories that defined a generation.
The authors believe that everyone can--with the right attitudes, tools, and hard work--invent their own lives, not just live out the scripts provided by an ageist society. Written in a humorous and interactive style, "Optimal Aging" will help readers recognize and combat harmful attitudes that hold them back and develop more productive attitudes.