Influência da psicologia econômica nas tomadas decisões: uma breve análise Histórica

Abstract

This study aims to examine how advances in behavioral economics and finance have influenced mainstream economic theory. The Expected Utility Theory and the Efficient Markets Hypothesis have their roots in the studies of Daniel Bernoulli, from the 18th century. This theory assumes that human beings act rationally, seeking to maximize their utility. The Expected Utility Theory, initially proposed by Bernoulli, gained greater prominence after being formalized by John von Neumann and Oskar Morgenstern in 1944. Following this line of reasoning, Eugene Fama adapted the concept of unlimited rationality from the Expected Utility Theory to the financial context, formulating the modern Efficient Markets Hypothesis. However, with a multidisciplinary approach, behavioral economics emerges as an alternative when questioning the idea of full rationality. By integrating psychology and economics, this new perspective explores human behavior based on limited rationality, highlighting the influence of cognitive biases. Kahneman and Tversky's studies, especially with Prospect Theory, offer a new perspective for decision theory, bringing greater understanding about how people actually make decisions under conditions of uncertainty.