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Ulrike Malmendier on Behavioral Economics
Mar 19, 2024
Behavioral economist Ulrike Malmendier discusses how past experiences shape financial decisions, linking upbringing on opposite sides of the Berlin Wall to investment behaviors. Insights on overconfidence in CEOs and the impact of personal experiences on economic models and inequality.
16:36
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Quick takeaways
- Experiential learning influences financial decisions, rewiring the brain based on past experiences.
- CEO overconfidence in decision-making reflects biases beyond optimistic speech, impacting personal investments.
Deep dives
Impact of Past Experiences on Financial Decisions
Behavioral economist Ulrike Malmendier discusses how individuals' past experiences heavily influence their financial decisions. She emphasizes that experiences such as good or bad outcomes affect individuals' willingness to take risks, impacting their economic choices. By incorporating evidence from various fields like cognitive science and neuroscience, economists can better understand why individuals react differently to the same stimuli, such as financial crises or pandemics.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode