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Keynes's animal spirits vindicated: an analysis of recent empirical and neural data on money illusion
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References

  • 1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*19,431 cited
  • 1981The Framing of Decisions and the Psychology of Choice17,834 cited
  • 1965The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets7,600 cited
  • 1975THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.]6,743 cited
  • 2003Maps of Bounded Rationality: Psychology for Behavioral Economics5,374 cited
  • 1995The Role of Monetary Policy3,796 cited
  • 2000Fairness as a Constraint on Profit Seeking: Entitlements in the Market3,159 cited
  • 1973Some International Evidence on Output-Inflation Tradeoffs.2,448 cited
  • 2005Neuroeconomics: How Neuroscience Can Inform Economics

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2,163 cited
  • 2004The Neural Basis of Altruistic Punishment1,766 cited
  • 2006Frames, Biases, and Rational Decision-Making in the Human Brain1,590 cited
  • 2009Animal spirits: how human psychology drives the economy, and why it matters for global capitalism1,446 cited
  • 1989On Money as a Medium of Exchange1,410 cited
  • 2003Libertarian Paternalism Is Not an Oxymoron1,340 cited
  • 2003Regulation for Conservatives: Behavioral Economics and the Case for "Asymmetric Paternalism" \n1,105 cited
  • 2009Why Wages Don't Fall during a Recession1,013 cited
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    • 2019Money illusion, financial literacy and numeracy: Experimental evidence41 cited
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    • 2010Behavioral economists should make a turn and learn from Keynes and Post Keynesian economics10 cited
    • 2021Has Money Transformed Our Brains? A Glimpse into Stone-Age Neuroeconomics1 cited