FYI: Medicine used to be all about biology. Fifty years ago it began incorporating elements of psychology into the med school curriculum. It was a breakthrough. Diseases are risks. Treatments have risks. If you’re in the business of treating risks with risky solutions, you can’t scratch the surface until you know the crazy, counterintuitive ways people think about risk.
Finance and economics have evolved the same way. The financial crisis – when people did things no traditional economics textbook could explain – put a spotlight on behavioral finance’s usefulness. Daniel Kahneman is probably the most famous living economist. And he’s a psychologist.
Regards,
Ted
https://www.collaborativefund.com/blog/you-played-yourself/
