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The Global Financial Crisis and Behavioural Economics

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  • Ian M. McDonald

Abstract

Conventional economics, which is based on Homo economicus, cannot provide a satisfactory explanation for the global financial crisis. However, behavioural economics, and the concept of present bias, self-serving bias, 'new era' stories, money illusion, comparisons with reference levels and herding, can provide an explanation. Copyright (c) 2009 The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal Economic Papers: A journal of applied economics and policy.

Volume (Year): 28 (2009)
Issue (Month): 3 (09)
Pages: 249-254

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Handle: RePEc:bla:econpa:v:28:y:2009:i:3:p:249-254

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Cited by:
  1. Kirchgässner, Gebhard, 2014. "On Self-Interest and Greed," Economics Working Paper Series 1416, University of St. Gallen, School of Economics and Political Science.
  2. Steinar Holden, 2012. "Implications of insights from behavioral economics for macroeconomic models," IMK Working Paper 99-2012, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  3. Driscoll, John C. & Holden, Steinar, 2014. "Behavioral Economics and Macroeconomic Models," Finance and Economics Discussion Series 2014-43, Board of Governors of the Federal Reserve System (U.S.).

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