Published on February 19, 2014
Masterclass by Rupesh Parikh
Would you rather: a) Receive £450 in cash now b) Have 50% chance of receiving £1000, but also 50% chance of receiving nothing
Would you rather: a) Lose £450 in cash now b) Have 50% chance of losing £1000, but also 50% chance of losing nothing
Are economists' assumptions good approximations of real people's behaviour?
Trader and Broker Reported abnormally large returns of 5.6% in 2008 $36bn transferred into his fund SCAM Collapse
Run by Merton and Scholes Nobel Prize winners for theory of market manoeuvres regarding US and Soviet bonds Market did not act as empirical suggestions denoted Bankruptcy
Actuary / Quant Mathematical correlation theory (Gaussian Copula) Assumed that market would function at all times Aggregate changed – but the model didn’t Collapse
Decisions often made out of a spontaneous urge to react Cornerstone of economic theory is consumer confidence The key, therefore, is to revive confidence in markets. This should not tip over to arrogance!
Economic Froth driven by human behaviour acting irrationally Bubbles are created – don’t match the law of demand!
Greed ? Is it an animal spirit? Was it rational to start selling sub-prime? Was it a good idea invest in a bubble based on other people’s investment?
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Behavioural Economics Master Economics and Business. Are you fascinated by the psychological aspects of economics? The Behavioural Economics programme ...
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1 Behavioral Economics: Past, Present, Future Colin F. Camerer Division of Humanities and Social Sciences 228 -77 Caltech Pasadena, CA 91125