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Minding the Markets : An Emotional Finance View of Financial Instability by David Tuckett (2011, Hardcover)
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About this product
Product Identifiers
PublisherPalgrave Macmillan The Limited
ISBN-100230299857
ISBN-139780230299856
eBay Product ID (ePID)102787521
Product Key Features
Number of PagesXviii, 232 Pages
Publication NameMinding the Markets : an Emotional Finance View of Financial Instability
LanguageEnglish
SubjectEconomic History, Industries / Financial Services, Emotions, Investments & Securities / General, Industrial & Organizational Psychology
Publication Year2011
TypeTextbook
Subject AreaBusiness & Economics, Psychology
AuthorDavid Tuckett
FormatHardcover
Dimensions
Item Height1 in
Item Weight18.9 Oz
Item Length10.2 in
Item Width6.3 in
Additional Product Features
Edition Number2
Intended AudienceScholarly & Professional
LCCN2011-012476
Reviews"Minding the Markets is a real contribution... a book the world really needs." --George Akerlof, Nobel Laureate and American Economist "Read this book if you want to understand the behavior of financial markets."-- Mervyn King, Governor of the Bank of England "David Tuckett's work on the emotional underworld of asset management and financial markets is a true tour de force... As Psycho-analyst, exceptional interviewer and rare interdisciplinary scholar he has brought sensitivity and sensibility to a world of unreason."--Neil J.Smelser, University Professor of Sociology Emeritus, University of California, Berkeley, and former Director of the Center for Advanced Study in the Behavioral Sciences in Stamford, California and President of the American Sociological Association (1997) "This thought-provoking book lets asset managers tell their stories and reveals a reality quite different from standard finance theory. . . Minding the Markets is a highly readable book that introduces the reader at first hand to the emotions and mentality of asset managers." -- Gerd Gigerenzer, Director, Max Planck Institute for Human Development, Berlin; and former Professor of Psychology, University of Chicago "This book by a psycho-analyst is one of the most original and thought-provoking analyses of the current financial crisis and the emotional underpinnings of financial market behavior. It synthesizes the emotional thread running through past crises, such as the Tulip mania, Southsea Bubbles and dot.com manias. Compulsory reading for anyone interested in root-and-branch reforms in financial regulations." - Andrew Sheng, Chief Adviser to the China Banking Regulatory Commission, Adjunct Professor Tsinghua University, Beijing and former Chairman of the Securities and Futures Commission of Hong Kong, 'Minding the Markets is a real contribution... a book the world really needs.' - George Akerlof, Nobel Laureate and American Economist 'Read this book if you want to understand the behaviour of financial markets.' " Mervyn King, Governor of the Bank of England 'David Tuckett's work on the emotional underworld of asset management and financial markets is a true tour de force... As psychoanalyst, exceptional interviewer and rare interdisciplinary scholar he has brought sensitivity and sensibility to a world of unreason.' - Neil J.Smelser, University Professor of Sociology Emeritus, University of California, Berkeley, USA; and former Director of the Center for Advanced Study in the Behavioural Sciences in Stamford, California and President of the American Sociological Association (1997) 'This book is a treasure trove of pathbreaking and as yet unexplored ideas. Once they enter mainstream economics and politics, both the academic discipline and policy decision making will undoubtedly change. The book is written by a courageous and insightful psychoanalyst whose understanding of economics is profound enough to know that economists have overlooked things of vital importance: the role of emotions, stories, states of minds, and our affective relationships with people, ideas and things. There can be little doubt that these neglected phenomena play an important role in financial crisis and many other economic events.' - Dennis J. Snower, President, Kiel Institute for the World Economy, Germany 'This thought-provoking book lets asset managers tell their stories and reveals a reality quite different from standard finance theory. Theirs is a world of uncertainty rather than known risks, of information overload, short-term thinking, and fear of loss and liability " topped by euphoric dreams of fame. Unlike those behavioral economists who condemn emotions for impeding rational action, David Tuckett reproaches financial theory for ignoring uncertainty and its direct consequence, mental states of doubt, trust, or confidence. He argues that the standard theory itself is part of the problem, as illustrated by the financial crash of 2008. Yet this catastrophic crisis could also be an immense opportunity for a fundamental reform of policy as well as financial theory. Minding the Markets is a highly readable book that introduces the reader at first hand to the emotions and mentality of asset managers.' - Gerd Gigerenzer, Director, Max Planck Institute for Human Development, Berlin; and former Professor of Psychology, University of Chicago, USA 'This book by a psycho-analyst is one of the most original and thought-provoking analyses of the current financial crisis and the emotional underpinnings of financial market behaviour. It synthesizes the emotional thread running through past crises, such as the Tulip mania, Southsea Bubbles and dot.com manias. Compulsory reading for anyone interested in root-and-branch reforms in financial regulations.' - Andrew Sheng, Chief Adviser to the China Banking Regulatory Commission, Adjunct Professor Tsinghua University, Beijing and former Chairman of the Securities and Futures Commission of Hong Kong, " Minding the Markets is a real contribution... a book the world really needs." --George Akerlof, Nobel Laureate and American Economist "Read this book if you want to understand the behaviour of financial markets."-- Mervyn King, Governor of the Bank of England "David Tuckett's work on the emotional underworld of asset management and financial markets is a true tour de force... As Psycho-analyst, exceptional interviewer and rare interdisciplinary scholar he has brought sensitivity and sensibility to a world of unreason."--Neil J.Smelser, University Professor of Sociology Emeritus, University of California, Berkeley, USA; and former Director of the Center for Advanced Study in the Behavioural Sciences in Stamford, California and President of the American Sociological Association (1997), 'Minding the Markets is a real contribution... a book the world really needs.' - George Akerlof, Nobel Laureate and American Economist 'Read this book if you want to understand the behaviour of financial markets' " Mervyn King, Governor of the Bank of England 'David Tuckett's work on the emotional underworld of asset management and financial markets is a true tour de force... As Psycho-analyst, exceptional interviewer and rare interdisciplinary scholar he has brought sensitivity and sensibility to a world of unreason.' - Neil J.Smelser, University Professor of Sociology Emeritus, University of California, Berkeley, USA, 'Minding the Markets is a real contribution... a book the world really needs.' - George Akerlof, Nobel Laureate and American Economist 'Read this book if you want to understand the behaviour of financial markets' " Mervyn King, Governor of the Bank of England 'David Tuckett's work on the emotional underworld of asset management and financial markets is a true tour de force... As Psycho-analyst, exceptional interviewer and rare interdisciplinary scholar he has brought sensitivity and sensibility to a world of unreason.' - Neil J.Smelser, University Professor of Sociology Emeritus, University of California, Berkeley, USA; and former Director of the Center for Advanced Study in the Behavioural Sciences in Stamford, California and President of the American Sociological Association (1997), " Minding the Markets is a real contribution... a book the world really needs." --George Akerlof, Nobel Laureate and American Economist "Read this book if you want to understand the behaviour of financial markets."-- Mervyn King, Governor of the Bank of England "David Tuckett's work on the emotional underworld of asset management and financial markets is a true tour de force... As Psycho-analyst, exceptional interviewer and rare interdisciplinary scholar he has brought sensitivity and sensibility to a world of unreason."--Neil J.Smelser, University Professor of Sociology Emeritus, University of California, Berkeley, USA; and former Director of the Center for Advanced Study in the Behavioural Sciences in Stamford, California and President of the American Sociological Association (1997)
Dewey Edition22
Number of Volumes1 vol.
IllustratedYes
Dewey Decimal332.601/9
Table Of ContentThe Special Characteristics of Financial Assets Four Fund Managers Narratives, Minds and Groups Divided States Finding Phantastic Objects Experiencing News Divided Masters Experiencing Success and Failure Emotional Finance and New Economic Thinking Making Markets Safer
SynopsisThe financial crisis of 2008 clarified what economic theories have long ignored. Emotions really matter. David Tuckett argues that economists' explanations for what happened in the Financial Crisis miss its essence. They ignore deep flaws in the organisation of financial markets which, as they have hitherto evolved, been managed, and been understood, have ignored critical components of human psychology. This groundbreaking book offers timely ideas about how emotion can be systematically incorporated into theories about financial markets and how to use understanding to create policy to make them safer. The argument, based on research interviewers with money managers, is that the crisis resulted from failures to understand and organise markets so that they control the human behaviour they unleash. Financial assets have an intrinsically uncertain value and so a particular ability to provoke exciting and then frightening stories and to create what the author terms 'divided' mental states and 'groupfeel'. Supporting such ideas with interdisciplinary evidence and insights he sets out a framework for a new economic theory of financial markets., Tuckett argues that most economists' explanations of the financial crisis miss its essence; they ignore critical components of human psychology. He offers a deeper understanding of financial market behaviour and investment processes by recognizing the role played by unconscious needs and fears in all investment activity., In this groundbreaking book, Tuckett argues that most economists " explanations of the financial crisis miss its essence; they ignore critical components of human psychology. He offers a deeper understanding of financial market behaviour and investment processes by recognising the role played by unconscious needs and fears in all investment activity
LC Classification NumberHG1501-3550
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