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The Revolutionaries of Behavioral Economics

No texto a seguir, escrito para o nível C1, vamos estudar quatro vencedores do prêmio Nobel da Economia que contribuiram para o campo da economia comportamental e tomada de decisão.

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Behavioral economics has changed the game by blending psychology with economics, showing us that people often veer off the path of perfect rationality when making decisions.

  1. Vernon L. Smith blew minds with his lab experiments, proving markets could find their balance even when folks didn't have all the info. It was a big deal because it showed that even with a bit of messiness, markets could work pretty darn well.

  2. Daniel Kahneman teamed up with Amos Tversky and came up with Prospect Theory, which basically says we treat wins and losses differently depending on our situation. It was a groundbreaking idea that showed we're not always the rational players economists once thought we were.

  3. Robert J. Shiller took a hard look at how our moods and herd mentality can massively sway stock and housing prices, leading to those infamous bubbles. His work taught us that the markets have a psychological side, too.

  4. Richard Thaler introduced "mental accounting," showing how we put money into different mental boxes and that messes with our spending choices. It challenged the old-school thought that we're all about maximizing bang for our buck.

Thanks to these guys, we now know that the economy isn't just numbers and charts — it's actually mainly about understanding people.


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