earticle

영어

Since the mind-breaking master pieces of work by Kahneman and Tversky (1974, 1979), behavioral economics and finance have been influencing every corner of our economic decision-making and changing the theoretical paradigms of traditional economics and finance. It is now a norm that economic decisions and behaviors are not only the consequences of expected utility and rational choice but also the manifestations of rationality bounded by heuristics, biases, and emotions. The plethora of work on behavioral economics and finance have filled in academic journals and various media and replaced the presumably rational explanations of standard economics and finance on socio-economic phenomena. The investor psychology has been used to describe quite a few market failures including the 1987 stock market collapse, the burst of dot.com bubbles and the 2008 global financial crisis. In 1996, Alan Greenspan, then-Federal Reserve Board chairman, used a phrase “Irrational Exuberance” to warn market overvaluation. Many market anomalies have been considered the normal effects of imperfect human minds. The exclusive academic territories that neoclassical economics and finance had built have fallen apart and the fields of economics and finance are practically interdisciplinary. Understanding human psychology in the context of social interactions as well as econometrics and derivatives is now central, if not critical, to solving socio-economic problems and developing resilient financial markets. A problem occurs as we search for dynamic relations among behavioral characteristics of decision makers such as heuristics, biases, and emotions. There are a block of articles, which use these traits to describe and explain certain aspects of financial and economic events. Few articles, however, effectively and efficiently clarify and interrelate these important traits of market participants. This study purports to fill this gap and map the dynamic relations between the behavioral traits of market participants and economic decision making. This map of dynamic relationship aims at helping researchers carry a handy list of behavioral economics tools for future research and providing other decision makers with an organized check list of irrational judgment and decision making.

한국어

현대적 의미의 행동경제학이 태동한 지도 벌써 40여 년을 넘어 반세기로 접어든다. 경제학과 재무관리 분야에서 방대한 연구가 행해져 왔고 그 결과는 학문의 흐름과 패러다임을 바꾸어 놓았다고 해도 과언이 아니다. 그러나 행동경제학의 핵심 주제인 휴리스틱, 편향, 그리고 감정에 대한 정확한 실체와 상호 역학관계에 대한 설명은 무분별하게 산재되어 거의 전무한 상태나 마찬가지이다. 본 연구는 무분별한 나열의 형태로 존재하는 행동경제학의 핵심요소인 다양한 휴리스틱과 편향이 전망이론, 자기과신, 그리고 감정의 큰 프레임으로 정리될 수 있음을 보여주고 경제적 의사결정은 휴리스틱, 편향, 그리고 감정의 역동적 상호관계 안에서 이루어진다는 결론을 도출한다. 궁극적으로 행동경제학의 핵심개념에 대한 이해를 돕고 관련분야의 연구, 응용, 경영컨설팅의 발전에 기여함을 그 의의로 한다.