Behavioral economics began to take decision-making examples that can be seen everywhere in people's lives as experimental content, directly challenging several key assumptions of traditional economics. After more than ten years of research and development, it has formed its own theory. Let's introduce the key theories and key figures one by one.
When it comes to behavioral economics, we can't help mentioning two people, one is Calleman mentioned above, and the other is his old countryman (both Jews) amos tversky. Calleman and Amos are old school friends (undergraduates of Hebrew University) and old comrades (it is said that they joined the IDF together and carried guns together). Both of them finally taught in the psychology department of Stanford University and became old colleagues.
Amos and Calleman have cooperated for decades and published many articles, including the one that won Calleman the prize (Econometrics 1979). But why didn't Amos win the prize? Amos didn't win the prize mainly because he died in 1996. Coase (Zhang Wuchang, winner of the Nobel Prize in Economics in 19 1, died on September 2, 20 13, at the age of 102) finally won the prize at the age of 80 and left at the age of 84.
No.3 Taylor, richard thaler, was born in 1945. Look at these great behaviorists. The first person, Calleman, has won the prize and the second person, Amos, has passed away. Lao Rui, the third person, should also get an award.
Unlike Calleman and Amos, Taylor was a serious doctor of economics ('74 Rochester). But after graduation, he turned and dug the corner of traditional economics (mainly microeconomics). Macroeconomics has been excavated by Lucas and others in the sixties and seventies. After 30 years of unremitting efforts, I finally dug myself into a generation of masters: Taylor is considered to be the most important founder of behavioral finance.
Taylor is one of the supporters of the theory of endowment, and he has also made some small contributions to the theory of prospect, but these achievements are not enough to make him a third person. Taylor's contribution is that in the early 1980s, he established the mental account theory, which is comparable to the prospect theory (hereinafter referred to as mental account theory).
As the saying goes, everyone has an account in mind. Taylor said, otherwise, everyone has several accounts in mind. This is the core of mental account theory.