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- W3014549655 abstract "Behavioral economics research was a groundbreaking step in the economics arena. Economists working in this field aimed to create an understanding of how people decide, rather than how they should decide, which forms the basis of methodologies in mainstream economics. Even though behavioral studies have been carried out since the 1970s, most economists didn’t appreciate them much, reasoning that the results of laboratory experiments might not hold in everyday life. This view has significantly changed in the past decade. In this chapter, I first summarize a couple of useful findings of behavioral economists and their implications for the markets; then I explain how the 2008 crisis gave credence to behavioral studies: The crisis showed us that the behavioral theories add useful insights to our understanding of erratic human decisions behind the crisis the reasons for which mostly remain a puzzle to mainstream theories." @default.
- W3014549655 created "2020-04-10" @default.
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- W3014549655 date "2020-01-01" @default.
- W3014549655 modified "2023-10-16" @default.
- W3014549655 title "The Crisis and Aftermath-I: Behavioral Economics" @default.
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- W3014549655 doi "https://doi.org/10.1007/978-3-030-43343-7_4" @default.
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