Exuberance Is Rational. / Roger Lowenstein.
by Lowenstein, Roger; SIRS Publishing, Inc.
Material type:
BookSeries: SIRS Enduring Issues 2002Article 23Business. Publisher: New York Times Magazine, 2001ISSN: 1522-3191;.Subject(s): Behaviorism (Psychology) | Consumer behavior | Economic forecasting | Economics -- Psychological aspects | Economists | Finance -- PersonalDDC classification: 050 Summary: "According to the standard or neoclassical school (essentially a 20th-century updating of Adam Smith), people, in their economic lives, are everywhere and always rational decision makers; those who aren't either learn quickly or are punished by markets and go broke. Among the implications of this view are that market prices are always right and that people choose the right stocks, the right career, the right level of savings....Thaler [Richard] spearheaded a simple but devastating dissent. Rejecting the narrow, mechanical homo economicus that serves as a basis for neoclassical theory, Thaler proposed that most people actually behave like...people!" (NEW YORK TIMES MAGAZINE) This article discusses Thaler's study of behavioral economics.
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Articles Contained in SIRS Enduring Issues 2002.
Originally Published: Exuberance Is Rational, Feb. 11, 2001; pp. 68-71.
"According to the standard or neoclassical school (essentially a 20th-century updating of Adam Smith), people, in their economic lives, are everywhere and always rational decision makers; those who aren't either learn quickly or are punished by markets and go broke. Among the implications of this view are that market prices are always right and that people choose the right stocks, the right career, the right level of savings....Thaler [Richard] spearheaded a simple but devastating dissent. Rejecting the narrow, mechanical homo economicus that serves as a basis for neoclassical theory, Thaler proposed that most people actually behave like...people!" (NEW YORK TIMES MAGAZINE) This article discusses Thaler's study of behavioral economics.
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