Minding the Markets An Emotional Finance View of Financial Instabili
Tuckett argues that most economists' explanations of the financial crisis miss its essence; they ignore critical components of human psychology. He offers a deeper understanding of financial market behaviour and investment processes by recognizing the rol
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Minding the Markets An Emotional Finance View of Financial Instability
David Tuckett
© David Tuckett 2011 Softcover reprint of the hardcover 1st edition 2011 ISBN 978-0-230-29985-6 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2011 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-33551-0
ISBN 978-0-230-30782-7 (eBook)
DOI 10.1057/9780230307827 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin. A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. 10 9 8 7 6 5 4 3 2 1 20 19 18 17 16 15 14 13 12 11 Printed and bound in Great Britain by CPI Antony Rowe, Chippenham and Eastbourne
For Francesca, Anna, Chiara and Miranda
Contents Acknowledgements
viii
Preface
x
1
The Special Characteristics of Financial Assets
2
Four Fund Managers
26
3
Narratives, Minds, and Groups
55
4
Divided States
71
5
Finding Phantastic Objects
86
6
Experiencing the News
107
7
Divided Masters
124
8
Experiencing Success and Failure
140
9
Emotional Finance and New Economic Thinking
157
Making Markets Safer
189
10
1
Notes
207
References
213
Index of Respondents
223
Index
225
vii
Acknowledgements The work on which this text is based has spanned the last ten years, beginning with an invitation from Peter Fonagy in 1997 to join the Psychoanalysis Unit at UCL and then lengthy conversations with Richard Taffler, now at the University of Warwick Business School. Both Peter and Richard have been enormously helpful throughout and I am indebted to them for frequent support and intellectual stimulation. It was Richard who provi
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