![]() When you explore these different biomes you will want to take notes of what you see and hear. Review the list below before you jump into these virtual worlds. Below are the other icons you will find in the different tours. When using goggles, you place the pointer on top of the Location Icon to move to a new area. On a computer, smart phone, or tablet you can click or touch the Location icon to move to the new area. We also welcome your feedback and suggestions. We are just getting started, so bookmark this page so you can find your way back to explore more virtual biomes as they are released. Be sure to stand up and turn and look around to view all of the space. Finally, if you have Virtual Reality (VR) goggles like Google Cardboard, you can immerse yourself into each biome. In this mode you can move the phone around as you to look into the biome. You can also use your smart phone like an iPhone or Android with their gyroscope enabled function to look into each biome. You can use a computer and click and drag to look around. It is like having your own private window looking into these amazing places. So we are gathering some 360 views of the different biomes that you can use to explore and learn about each biome. The findings are that adopting a behavioral perspective of decision making has more explanatory and predictive power.While it is fun to visit and explore each biome in person, it is not likely that you can get to all of them. It will be argued that when reasoning about economic phenomena, that theory should be adopted which has more empirical support. The assumption of rationality that is prevalent in much of economic theory is based on a series of axioms and assumptions that are unrealistic. This paper will show that psychology needs to be taken into consideration when reasoning about economic phenomena. That is, they attempt to explain economic phenomena by being based on empirically observed psychological regularities of human behavior. Since the late 1970´s, though, new theories have emerged that are behavioral in nature. Keynes had important psychological insights, but they have not been focused upon sufficiently in the last decades. Psychology has a long history in economic thought, but its influence on economic theory has ebbed and flowed over the years. It will be argued that this has proven to have been a mistake. Alternative explanations of economic behavior that are based on psychological regularities which are observed in human behavior were until recently relegated to the fringes of the discourse regarding economic phenomena. The global financial crisis that began in 2007 was not predicted by standard economic theory which assumes rational actors, efficient markets and equilibrium. Keywords: risk, perception, risk perception, perceived risk, judgment, decision making, behavioral decision theory (BDT), behavioral accounting, standard finance, behavioral finance, behavioral economics, psychology, efficient market hypothesis, rationality, bounded rationality, classical decision theory HANDBOOK OF FINANCE: VOLUME 2: INVESTMENT MANAGEMENT AND FINANCIAL MANAGEMENT, Frank J. Ricciardi, Victor, The Psychology of Risk: The Behavioral Finance Perspective. The different behavioral finance theories and concepts that influence an individual's perception of risk for different types of financial services and investment products are heuristics, overconfidence, prospect theory, loss aversion, representativeness, framing, anchoring, familiarity bias, perceived control, expert knowledge, affect (feelings), and worry. A notable theme within the risk perception literature is how an investor processes information and the various behavioral finance theories and issues that might influence a person's perception of risk within the judgment process. This research on risky and hazardous situations was based on studies performed at Decision Research (an organization founded in 1976 by Paul Slovic) on risk perception documenting specific behavioral risk characteristics from psychology that can be applied within a financial and investment decision-making context. The academic foundation pertaining to the "psychological aspects" of risk perception studies in behavioral finance, accounting, and economics developed from the earlier works on risky behaviors and hazardous activities. ![]() Since the mid-1970s, hundreds of academic studies have been conducted in risk perception-oriented research within the social sciences (e.g., nonfinancial areas) across various branches of learning.
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