Emotions in finance
Subtitle: booms, busts and uncertainty
By: Jocelyn Pixley
Edition: 2nd ed.
Publisher: Cambridge University Press
Published: 2012
Place of publication: Cambridge; New York
Language: eng
ISBN-13: 9781107633377
Subjects: SOCIAL SCIENCE / Sociology / General; Finance; Risk assessment; Uncertainty; Risk management; Economic forecasting; Psychological aspects; Trust; Economic aspects
Description: "Money is a promise with future benefits or dangers that can never, because unknowable, be calculated. The financial sector is driven to beat this uncertainty by speculating on whether prices will rise or fall. No matter how often the folly of this behaviour is demonstrated through crisis after crisis, this attempt to defeat uncertainty persists. Yet uncertainty is unavoidable. Squeezed in one place, it emerges in another. Based on extensive interviews with leading actors in the financial markets, this book argues that the only way to face uncertainty is with emotions and values. It presents an original explanation of how booms and busts arise from internal disputes over trust between financial corporations. Just as the first edition warned prophetically of the dangers of excessive faith in the rationality of financial market behaviour, this new edition provides a sociological explanation of how this contributed to the recent financial crisis"--
Table of contents: title: Machine generated contents note: 1. Modern money, modern conflicts; 2. Corporate suspicion in the kingdom of rationality; 3. Financial press as trust agencies; 4. Required distrust and the onus of a burden; 5. Managing credibility in central banks; 6. Hierarchies of distrust from trust to bust; 7. Overwhelmed by numbers; 8. The time-utopia in finance.