A Behavioral Analysis of the Transformation from Rational Choice to Irrational Choice
He Da'an (Economic School, Zhejiang Gongshang University)
Aiming at human choice behaviors under uncertainty, this paper puts forward a new and needing well researched viewpoint: human's irrational choices transform to a great extent from rational choices. First this thesis comments briefly animal experiments in early behavior economics and perceive psychics, and deems that human choice behaviors are the isomorphism of rationality and irrationality; Secondly, through parsing the transforming thought from rationality to irrationality in D. Kahneman's prospect theory, the author conceives an abstract transformation model; Lastly, as a practical demonstration, we study those irrational choices in financial markets to prove the objective exist of those transformation phenomena. This paper's analysis can be counted a dig out of behavior economics' abstruse opinion about irrational choice theory.
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