Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (8086)	9/2/2001 4:14:40 PM
From: Gemlaoshi	Read Replies (2) of 74559

El mat, excellent synopsis of the relatively new fields of "behavioral economics" and "behavioral finance." There are a few sites on the subject (Thaler has one at the Univ of Chicago), but advances in human behavior are obviously impacting research in other disciplines such as economics. In fact, I did a presentation on psychological hueristics about six months ago. My point: most disciplines look much simpler to outsiders. It is easy to stereotype engineers, lawyers, economists, etc, based on limited knowledge. Usually, different skill sets are needed to be successful in each discipline. Economists are normally comfortable that economic theory and practice require abstract logic and do not follow the laws of physics. However, engineers and other physical scientists tend to discount any discipline that does not follow their linear logic prevalent in scientific disciplines. As I cross a major bridge on the way to my office each morning, I am thankful for the skills of the engineers that built it. I would have made a terrible engineer...and most engineers make terrible economists. Dave

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