Name: 11.行動ファイナンスと心理学の役割 (11. Behavioral Finance and the Role of Psychology)
Uploaded: 2021-01-14T06:19:10.000Z
Duration: 1 h 18 min 3 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

PROFESSOR ROBERT SHILLER: OK, good morning.

So, I wanted to talk today about Behavioral Finance or

I've been involved with it for over 20 years.

It's not really emphasized in your textbook, Fabozzi and his

co-authors talk about a lot of things in the financial world,

but not about the underlying human behavior.

Behavioral Finance, or Behavioral Economics more

broadly, is a kind of revolution that has occurred

in finance and economics over the last 20 or 30 years.

I don't quite fully understand why it is that people polarize

as much as they do, but some people don't like this.

We're coming along to be the majority, I think.

People are now regarding Behavioral Finance as an

But the real problem is that people are complex and our

financial institutions, as I've emphasized, are designed

for real people and their functioning depends on the

You know, another revolution that's occurring parallel, of

bigger significance, is a revolution in neuroscience

And the human brain is a very complicated organ.

Economists have liked to invoke the principle of

rationality as an underlying component of their theory, and

that has been useful, but it's of limited use, because people

That includes everyone, including me, because we're

One thing about the human species is that we are aware

So when you see other people behaving stupidly, sometimes

you think, maybe I can turn this to my advantage.

The history of humankind is a history of exploitation of one

Not entirely, but I'm saying it has that as

So, I'm going to talk about these human failings.

It's not to say that people are stupid, I'm just saying

We're smart in some dimensions and we can be very smart, but

But before I start, I wanted to try to put this into a

Maybe, I'll return to this at the end of the lecture, but I

I'm going to talk about all kinds of human errors, but I

wanted to start on an upbeat note that the business world

generally doesn't exploit people terribly.

I believe that very characteristically successful

businesses in finance and elsewhere consider their

long-term advantage and the reputation they have. So,

doing something that is blatantly exploitative of

You'll see a lot of human failings, but we don't see

people cashing in on them as often as you'd think.

And beyond that, I want to emphasize also that another

Evolutionary biologists think that this evolved along with

our other traits, that we have an impulse to be moral.

And so, in the long run, you might not really gain so much

satisfaction from exploiting other people's mistakes.

So, that's why we have a lot of weaknesses outlined and we

won't see significant or serious exploitation of them

Now as you know, I have chapters from my forthcoming

And I looked back on what I put up for you to read and I

keep thinking, gee, this really wasn't ready.

So, I had a chapter for this section of the reading list

And I thought, I didn't really get it right.

I know what I was trying to say, but maybe I should --

what I start out in that chapter is talking about Adam

Smith and his book The Theory of Moral Sentiments.

Now just to remind you, Adam Smith was a professor in

He was a professor of moral philosophy, because there were

no professors of economics in those days.

Maybe I should write some of this on the board. --

He's probably the most important figure in the

So, in 1759 he wrote his The Theory of Moral Sentiments.

And in 1776, he wrote the more famous book,

So, this is The Theory of Moral Sentiment.

The Wealth of Nations is considered the first real

字幕リスト動画再生

11.行動ファイナンスと心理学の役割 (11. Behavioral Finance and the Role of Psychology)

cognitive

people

world

confidence