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Table of Contents
Intro; Preface; Contents; List of Figures; List of Tables; Part I: How did we get here?; 1: Introduction to Part I; 2: Does Conventional Economics Fit Reality?; 2.1 The Rise of New Classical Economics; 2.2 The First Pillar of Conventional Economics: Maximization of Utility; 2.3 The Second Pillar of Conventional Economics: Rationality and Expectations; 2.4 How the Homo Economicus Takes His Decisions; 2.5 The Reality Test; References; 3: The Behavioral Alternative; 3.1 The Behavioral Revolution: From Normative to Positive Economics
3.2 The Behavioral Revolution: Is Utility Just a Function of Wealth?3.3 The Behavioral Revolution and the Concept of Rationality; 3.4 Human, All Too Human: The Global Crisis Case; 3.4.1 Investors; Creating the Environment for the Bubble; Herding; Life Before and After the Bubble Burst; 3.4.2 Banks, Borrowers, and Regulators; References; Part II: Moving Forward: Seven Businesses to Finish; 4: Introduction to Part II; 4.1 How Many Real Biases Are There?; 4.2 How Do Real-World People Form Expectations?; 4.3 Time Discounting and Preferences; 4.4 Rationality: An Inferiority Complex?
4.5 The Problem with Behavioral Finance4.6 Should Biased Nudgers Nudge Us?; 4.7 What We Talk About When We Talk About Behavioral Economics; Reference; 5: How Many Real Biases Are There?; 5.1 200 and Counting?; 5.2 Screening Biases; 5.2.1 Affect; Screener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.2 Disposition Effect; Screener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.3 Illusion of Control; Screener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.4 Loss Aversion; Screener 1: Is It Innate?
5.2.5 The Hindsight BiasScreener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.6 The Conjunction Effect/Fallacy; Screener 1: Is It Innate?; References; 6: How Do People Form Expectations in the Real World?; 6.1 Expectations Before Behavioral Economics; 6.2 Expectations (or Their Absence) in Behavioral Research; 6.3 Is There a Tractable Way to Model Expectations in a Behavioral Model?; References; 7: Time and Preferences; References; 8: Rationality: An Inferiority Complex?; 8.1 The (Almost) Unchallenged Dominance of Conventional Rationality in Behavioral Economics
8.2 Unconventional Rationality and Unconventional Utility FunctionsReferences; 9: The Problem with Behavioral Finance; 9.1 The Easy Victory of Behavioral Over Conventional Finance; 9.2 Mean Variance Optimization Strikes Again?; 9.3 Asset Allocation and Loss Indicator Issues: Problems and Research Perspectives; References; 10: Should Biased Nudgers Nudge Us?; 10.1 What Is Nudging? Flies and Toilets; 10.1.1 Definition of the Perfect Nudge; 10.2 Public and Private Nudges; 10.3 Case Studies: Do Nudges Work?; 10.4 Is Nudging Right?; References
3.2 The Behavioral Revolution: Is Utility Just a Function of Wealth?3.3 The Behavioral Revolution and the Concept of Rationality; 3.4 Human, All Too Human: The Global Crisis Case; 3.4.1 Investors; Creating the Environment for the Bubble; Herding; Life Before and After the Bubble Burst; 3.4.2 Banks, Borrowers, and Regulators; References; Part II: Moving Forward: Seven Businesses to Finish; 4: Introduction to Part II; 4.1 How Many Real Biases Are There?; 4.2 How Do Real-World People Form Expectations?; 4.3 Time Discounting and Preferences; 4.4 Rationality: An Inferiority Complex?
4.5 The Problem with Behavioral Finance4.6 Should Biased Nudgers Nudge Us?; 4.7 What We Talk About When We Talk About Behavioral Economics; Reference; 5: How Many Real Biases Are There?; 5.1 200 and Counting?; 5.2 Screening Biases; 5.2.1 Affect; Screener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.2 Disposition Effect; Screener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.3 Illusion of Control; Screener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.4 Loss Aversion; Screener 1: Is It Innate?
5.2.5 The Hindsight BiasScreener 1: Is It Innate?; Screener 2: Used When Time/Information Scarce?; 5.2.6 The Conjunction Effect/Fallacy; Screener 1: Is It Innate?; References; 6: How Do People Form Expectations in the Real World?; 6.1 Expectations Before Behavioral Economics; 6.2 Expectations (or Their Absence) in Behavioral Research; 6.3 Is There a Tractable Way to Model Expectations in a Behavioral Model?; References; 7: Time and Preferences; References; 8: Rationality: An Inferiority Complex?; 8.1 The (Almost) Unchallenged Dominance of Conventional Rationality in Behavioral Economics
8.2 Unconventional Rationality and Unconventional Utility FunctionsReferences; 9: The Problem with Behavioral Finance; 9.1 The Easy Victory of Behavioral Over Conventional Finance; 9.2 Mean Variance Optimization Strikes Again?; 9.3 Asset Allocation and Loss Indicator Issues: Problems and Research Perspectives; References; 10: Should Biased Nudgers Nudge Us?; 10.1 What Is Nudging? Flies and Toilets; 10.1.1 Definition of the Perfect Nudge; 10.2 Public and Private Nudges; 10.3 Case Studies: Do Nudges Work?; 10.4 Is Nudging Right?; References