economists view of behavior

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1、bri75829_ch02.qxd8/13/087:04PMPage16Economists’ViewofBehaviorCHAPTER2CHAPTEROUTLINEEconomicBehavior:AnOverviewEconomicChoiceMarginalAnalysisOpportunityCostsCreativityofIndividualsGraphicalToolsIndividualObjectivesIndifferenceCurvesOpportunitiesandConstraintsI

2、ndividualChoiceChangesinChoiceMotivatingHonestyatMerrillLynchManagerialImplicationsAlternativeModelsofBehaviorOnly-Money-MattersModelHappy-Is-ProductiveModelGood-CitizenModelProduct-of-the-EnvironmentModelWhichModelShouldManagersUse?DecisionMakingunderUncerta

3、intyRiskAversionCertaintyEquivalentandRiskPremiumRiskAversionandCompensationSummaryAppendix:ConsumerChoicenMay2002,MerrillLynchagreedtopay$100milliontosettlechargesthatitsanalystshadrecommendedstockstoclientsthattheyprivatelythoughtwerepoorIinvestments.Intern

4、ale-mailsprovidedstrongsupportforthisclaimleveledbytheNewYorkStateattorneygeneral.Forexample,InfoSpace,anInternetservicescompany,wasratedhighlybyanalysts,yetprivatelytheanalystssuggestedthatitwasa“powderkeg”anda“pieceofjunk.”AlthoughInfoSpace’ssharepricedropp

5、edfrom$261to$14,Merrillanalystsneverrecommendedsellingthestock.Merrillanalystsbri75829_ch02.qxd8/13/087:04PMPage17Chapter2Economists’ViewofBehavior17ratedExcite@Home“accumulateorbuy,”whileprivatelytheinvestmentteamcalledita“pieceofcrap.”ThisepisodeatMerrillse

6、ntshockwavesthroughothermajorinvestmenthouses—indeedthroughtheentireinvestmentcommunity.OtherinvestmentfirmspubliclystatedthattheyweretakingstrongstepstomakesurethatthesituationatMerrillwouldnotberepeatedwithintheirorganizations.Fortunemagazineranacoverstoryen

7、titled,“InSearchoftheLastHonestAnalyst.”1Thescandalgeneratedsignificantconcernsthroughouttheworldamongboththegeneralpublicandgovernmentregulators.Forexample,theNewYorkattorneygeneralbeganasweepinginvestigationofanalystsatSalomonSmithBarneyandotherinvestmentfirm

8、sthathadrecommendedWorldComtoinvestors.InJuly2002,WorldCombecamethebiggestcompanyevertofileforbank-ruptcyinU.S.history.InDecember2002,thenation’s10topinvestmentbanksagreedtoa$1.2billionset