Abstract: This chapter highlights the recent developments that have shaped applications of behavioral finance in private-client situations and traces the development of behavioral finance micro (BFMI). In the mid-eighteenth-century, with the onset of the classical period in economics, people began to study the human side of economic decision making, which subsequently laid the groundwork for BFMI. By the early twentieth century, neoclassical economics had largely displaced psychology as an influence in economic discourse. In the 1930s and 1950s, however, a number of important events laid the groundwork for the renaissance of behavioral economics. The growing field of experimental economics examined theories of individual choice, questioning the theoretical underpinnings of Homo economicus. As the 1950s concluded and the 1960s progressed, the field of experimental economics expanded, with numerous researchers publishing volumes of data. Their important experiments brought to light new aspects of human economic decision making and drew intellectual attention to the field.
Publication Year: 2012
Publication Date: 2012-01-02
Language: en
Type: other
Indexed In: ['crossref']
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