NY Times: Behavioural approaches to decision making in markets

October 28, 2008

The NY Times has an interesting op-ed about behavioural approaches to financial markets; specifically mentioning the crucial importance of conceptual frames in decision making. All the usual suspects are there: Tversky & Kahneman, Thaler, Shiller, Ariely and, of course, Taleb. Still, it’s nice to see that behavioural finance is making inroads into the mainstream media. What’s next: economic sociology and institutional approaches to markets on WJS? Well, stranger things have happened…

2 Responses to “NY Times: Behavioural approaches to decision making in markets”

  1. typewritten Says:

    Imagine that mainstream media goes straight to Maoism. From the notion of “cognitive bias” to the notion of “internal contradiction”, there is only a couple of steps.

  2. danielbeunza Says:

    Right on! The most emphatic feedback that I heard this past week when I presented my “Devices for Doubt” article in Michigan is that the sociology of finance needs to urgently address the naive models of behavioral finance.


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