What If Advisors Are Biased?

Although it has taken a bit too long, behavioural economics is finally entering the mainstream. Daniel Kahneman won the Nobel Prize in Economics in 2002 for his ground-breaking work done over the previous decades with his research partner, Amos Tversky. He shared the Nobel with Vernon Smith. The research done by the early behaviouralists shows how people predictably and repeatedly use quick, easy and often incorrect mental shortcuts when making decisions. Over the past generation, many...