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Over the last 50 years, neoclassical financial theory has been dominating our perception of what is happening in financial markets. It has spurred numerous valuable theories and concepts all based on the concept of Homo Economicus, the strictly rational economic man. However, humans do not always act in a strictly rational manner. For students and practitioners alike, our book aims at opening the door to another perspective on financial markets: a behavioral perspective based on a Homo Oeconomicus Humanus. This agent acts with limited rationality when making decisions. He/she uses heuristics and shortcuts and is prone to the influence of emotions. This sounds familiar in real life and can be transferred to what happens in financial markets, too.
Over the last 50 years, neoclassical financial theory has been dominating our perception of what is happening in financial markets. It has spurred numerous valuable theories and concepts all based on the concept of Homo Economicus, the strictly rational economic man. However, humans do not always act in a strictly rational manner. For students and practitioners alike, our book aims at opening the door to another perspective on financial markets: a behavioral perspective based on a Homo Oeconomicus Humanus. This agent acts with limited rationality when making decisions. He/she uses heuristics and shortcuts and is prone to the influence of emotions. This sounds familiar in real life and can be transferred to what happens in financial markets, too.
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Ecotones are dynamic over-lapping boundary areas where major terrestrial biomes meet. As past studies have shown, and as the chapters in this book will illustrate, their structure, size, and scope have changed considerably over the millennia, expanding and shrinking as climate and/or other driving conditions, also changed. Today, however, many of them are changing at a rate not seen for a long time, perhaps largely due to climate change and other human-induced factors. Indeed ecotones are more sensitive to climate change than the biomes on either side, and thus may serve as critical early indicators of future climate change. As ecotones change, they also redefine the limits of the biomes on ...