Psychological Perspectives on Financial Decision Making
This book reviews the latest research from psychology, neuroscience, and behavioral economics evaluating how people make financial choices in real-life circumstances. The volume is divided into three sections investigating financial decision making at the
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Psychological Perspectives on Financial Decision Making
Psychological Perspectives on Financial Decision Making
Tomasz Zaleskiewicz • Jakub Traczyk Editors
Psychological Perspectives on Financial Decision Making Foreword by Hersh Shefrin
Editors Tomasz Zaleskiewicz Center for Research in Economic Behavior SWPS University of Social Sciences and Humanities Wroclaw, Poland
Jakub Traczyk Center for Research on Improving Decision Making SWPS University of Social Sciences and Humanities Wroclaw, Poland
ISBN 978-3-030-45499-9 ISBN 978-3-030-45500-2 (eBook) https://doi.org/10.1007/978-3-030-45500-2 © Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors, and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Springer imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
Foreword
During the 1970s and 1980s, much of my research focused on the way self-control issues impact the way people make financial decisions. I think it is fair to say that the planner-doer framework which my co-author Richard Thaler and I developed together represents the first neuroeconomic model to appear in the literature. Viewed from the vantage point of today, the neuroeconomic structure we employed might seem a bit primitive, as our model of the human brain has just two components, the prefrontal cortex and the limbic system. With the passage of time, great strides have been made in identifying the roles played by a host of neurological structures, such as the nucleus accumbens, dorsolateral prefrontal cortex, and anterior insula. Despite its relative simplicity, the planner-doer model provided a useful framework for identifying weaknesses in the neoclassical approach, both from a positive and normative perspective. Evidence that many people voluntarily choose to operate within their budget sets ins
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