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A recursive correlation between economy and psychology A specific focus on the new Corporate Governance Theory

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  1. Economists versus Psychologists: a prejudicial opposition
    1. A prejudicial opposition
    2. How economists have understood the limits of their theories and the underlighted anomalies
    3. Economical flexibility and adaptation: how to integrate psychological and behavioural conclusions in economical models, through concrete examples
  2. When psychological and behavioural research design the economical field
    1. A new corporate governance theory
    2. Interests of new governance model
    3. Influence of behavioural researchers
    4. Conclusion of the article
    5. The Perspectives of Behavioural Corporate Governance
  3. Conclusion

Economics has always been an intrinsic issue of society. It is accused of being disconnected from individuals' reality, and has been attacked for long by various researchers and experts, such as psychologists. The plethora of arguments has been provided for integrating greater psychological realism in economics, in order to improve it. Over the years, researchers such as Danny Kahneman, Amos Tversky, Richard Thaler, and more recently Colin Camerer and George Loewenstein, have placed doubts on some of the basis of mainstream economics, demonstrating it as psychologically unrealistic. This claim for greater psychological consideration and realism is now providing results and a new science has been defined, in order to combine properly those two fields. This is called "Behavioral Economics" or "Economic Psychology", and enhances the profound efforts which has been made to capture and integrate psychologically, more realistic aspects of human nature into economic science. Moreover, this science of behavioral economics has also started to be introduced in a daily economy, in the micro level of organizations, through corporate models, for instance.

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