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Extra resources for Fast Company (February 2012)
Answered, economists have consulted the experimental evidence of cognitive psychology. That research area has demonstrated that certain biases systematically occur while individuals determine their preferences and, given their beliefs, while they make their decisions. Psychology therefore is a second cornerstone of Behavioral Finance. A third cornerstone of Behavioral Finance, sociology, is often neglected, but is of great importance when individuals interact on markets, in particular, financial markets.
However, we humans don’t always act as ‘Homo economicus’ in reality. So this kind of definition does not really help us to discover what rational behavior is. Maybe it would help to go the opposite way and to define what irrationality means. According to the Brockhaus-Encyclopedia, irrationality is defined as ‘by the mind not comprehensible’. In comparison to the definition of rationality here, the mind is set in relation to reason. If an action is not comprehensible by the mind, it is obviously not reasonable.
Probabilities can either be objectively predetermined or based upon subjective evaluation. This difference will be further illustrated. It is furthermore important to know that you don’t even have to know your own utility function or even undertake a valuation of the alternatives with their expected utility, to be able to maximize your own utility. 2). According to this concept a rational action therefore is therefore a choice of an alternative action, when you maximize your own expected utility within the expected utility function.
Fast Company (February 2012)