Behavioral thinker‚ Dan Ariely‚ writes in his book‚ Predictably Irrational‚ that if our minds believe something to be a good choice or action‚ it will indeed turn out to be good (204). In Hamlet‚ Hamlet‚ Laertes‚ and Claudius all think to themselves about about killing. When Laertes and Claudius plot to kill Hamlet‚ they believe that their plan is perfect‚ and bulletproof. Laertes and Claudius’ behavioral thinking‚ caused them to make an irrational decision. According to Ariely‚ if
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society runs even deeper. Beyond its commercial propaganda and symbolism‚ Ritzer says‚ McDonald’s is a potent manifestation of the rational processes that define modern society. Ritzer warns that the spread of such "rationalized systems" has had irrational consequences‚ not least of which is the "disenchantment of the world‚" a situation in which rationality takes over‚ leaving no room for the mysterious‚ unpredictable qualities that make us human. Ritzer’s scholarly work has been heavily influenced
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Beowulf The epic hero has been part of human societies since the beginning of time. In the story of Beowulf‚ the main character continuously demonstrates the characteristics of an epic hero‚ and was able to prove the theme that good conquers evil. Grendel was big in size‚ and had the strength of many. But he was not brave at all‚ he used his strength for evil and to destroy. Beowulf is an epic hero for many reasons. Three of Beowulf’s most epic characteristics are strength‚ honor‚ and the ability
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Overconfidence bias and excessive trading Endowment Effect‚ Halo Effect 10 Neuro-economics Ethics in Decision Making Recommended books and readings 1. Beyond Greed and Fear‚ by Hersh Shefrin (Harvard Business School Press) 2. Predictably Irrational‚ by Dan Ariely (Harper Collins) 3. Behavioural Investing‚ by James Montier (John Wiley and Sons Ltd) 1. Maps of Bounded Rationality – By Daniel Kahneman http://nobelprize.org/nobel_prizes/economics/laureates/2002/kahnemann-lecture
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behavioural finance theories Finance that is based on rational and logical theories‚ such as the capital asset pricing model (CAPM) and the efficient market hypothesis (EMH). These theories assume that people‚ for the most part‚ behave rationally and predictably. The Efficient market hypothesis assumes that financial markets incorporate all public information and assets that share prices reflect all relevant to the firm information (Fama‚ 1970). Relevant information includes past information‚ publicly
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Frankenstein’s Evolution In the novel‚ Frankenstein‚ by Mary Shelley‚ the major character‚ Victor Frankenstein‚ evolves synonymously with the character of his monster. The evolution of Victor from a man of good to a man of evil leads to his isolation and eventual destruction. Correspondingly‚ the monster changes from a harmless being to a vindictive psychopath. What began as an innocent experiment in creation ends in a disaster of total devastation. Frankenstein‚ in trying to gain control
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the reality the subject actually is. If these images were the only depiction of that flower that people had seen‚ it would give them a false sense of what was being depicted. Because art is twice a representation of a truth‚ it appeals to the irrational part of our brain and therefore can corrupt character by influencing undesirable emotions and should indeed be censored. Plato uses the example of tables and couches‚ to decide how art is removed from the truth. He starts with a the form
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Galileo‚ seeking to understand the verse‚ "God is light"‚ determined that our sun is only one of many in the known universe. Later Isaac Newton developed the idea that the universe is mechanical and there are laws that cause the world to operate predictably. Many of his theories gave the world of science a better understanding of mathematics and physics. Along with the many new discoveries‚ observation changed the methods of experimentation. The scientific method was developed and allowed people to
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“The contribution of behavioural finance theory is said to be of critical importance in understanding investor behaviour in modern finance” INTRODUCTION According to Gregory Curtis (2004‚ pg 16)‚ Sometime we behave like perfect economic beings. But other times we behave like‚ well‚ human beings. We make decisions on the basis of biases that don’t reflect real world facts. We allow our responses to decisions to depend on how the questions are framed. We engage in complex mental accounting‚ ignoring
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in to make a correct decision. Objectivism‚ developed by Ayn Rand‚ gives a more sophisticated approach to Ethical Egoism. The adoption of this ethical theory would greatly benefit our current societal structure. Rand’s metaphysical stand is‚ predictably‚ an objective one. According to her theory‚ reality is independent of our awareness or understanding of it. In essence‚ she says “wishing won’t make it
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