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Tools for Financial Innovation: Neoclassical versus Behavioral Finance
Authors:Robert J Shiller
Abstract:The behavioral finance revolution in academic finance in the last several decades is best described as a return to a more eclectic approach to financial modeling. The earlier neoclassical finance revolution that had swept the finance profession in the 1960s and 1970s represented the overly‐enthusiastic pursuit of only one model. Freed from the tyranny of just one model, financial research is now making faster progress, and that progress can be expected to show material benefits. An example of the application of both behavioral finance and neoclassical finance is discussed: the reform of Social Security and the introduction of personal accounts.
Keywords:expected utility  hyperbolic discounting  institutional innovation  invention  psychological economics  institutional economics  social security  personal accounts  ownership society  B41  G28
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