Daniel Kahneman and Behavioral Economics
Chang Xin (Department of Finance, Hong Kong University of Science and Technology) Yin HongHai (Department of International Finance, FuDan University, Shanghai 200433)
Daniel Kahneman抯 findings in the field are now known as behavioral economics. By outlining some major differences between conceptions of decision-making in economics and psychology, the authors elaborate Kahneman抯 specific contributions of Prospect Theory which has taken important steps towards a more accurate description of individual behavior under risk than expected-utility theory and provided researchers in economics with new insights and instruments in model building and empirical work.
【CateGory Index】： F091.3