Good evening/morning,
I hope y'all found today's session useful - it certainly was enjoyable for me - and that our two examples of herd psychology and economic consequences successfully illustrated the breadth and depth of the impact of emotion on cognition. This interaction has given rise to a school of economic thought known as 'behavioral finance'. Based on some of your questions, I hope that the short article below will help reinforce the linkages between the disciplines of psych and economics for you. While the article's immediate theme may be more relevant to those contemplating a business or financial career, its real intent is to demonstrate that formal education in psychological science provides a wealth of career applications - you will have lots of options.....
< http://www.moneyweek.com/investment-advice/how-to-invest/does-our-psychology-move-markets.aspx# >
This is a short, old-ish (2006) article on 'Behavioral Finance' by Simon Wilson of the U.K.'s MoneyWeek magazine, which underscores the intellectual link between psychology and economic behavior. If you're a real gluttoon for punishmnet, the Wikipedia article on 'Behavioral Economics' is also a good primer.
Seperately, given that the flow-of-investment-emotions slide seemed to ring true for other 'bubbles' on your radar, here's it's link:
< http://www.greekshares.com/lemming.php >.
If interested in its author's views on how to avoid getting caught up with the lemmings in bubble-decisions, do look at the 'next page' of the article for some investment disciplines to consider. Of course, I'm delighted to add my comments as you might find interesting.
Lastly, while we didn't really spend any time on this topic today, if y'all have any interest in discussing the personal thrills and challenges of working abroad, please do let me know.
Until tomorrow,
Kind regards,
Ben G.
ps - Perhaps we could also spend a little time talking about the psychology of perception. I know several of you are doing research into taste, and that at least one person is contemplating a food/hospitality career. As it turns out, the wine/ wine restaurant business is one of my many 'distractions', and I'd be happy to table this topic too....