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1、±±±±±±±±±±±±±±±±±±±SOCIALFORCES:±±±±±±CHAPTER±±±±11±±±±SELFISHNESSOR±ALTRUISM?11.1INTRODUCTIONHomoeconomicus,orthe“economicman,”isarational,self-interesteddecision-maker.Earlierchaptersinthisbookhavedescribedwhatitmeansinfinancetobearationaldecision-makerandp
2、resentedsomeevidencesuggestingthatrationalitymightnotalwaysbethebestassumption.Recentimportantcontributionstohowwethinkaboutdecision-makingfocusonanotherqualityofeconomicman—humanbeingssometimeschooseactionsthatarenotintheirmaterialself-interest.Thischapterwi
3、llconsiderevidencethatsocialinterestsinfluencehowpeoplemakedecisions.Wefocusonwhatwecallother-regardingpreferences,likefairnessandreciprocity,becauseself-interestedpeopleareattheheartofmostfinancetheoryandpractice.ThischapterbeginsinSection11.2withaclarificat
4、ionoftheconceptoftheeconomicman.TheninSection11.3,wedescribeexperimentsthatmeasurepeo-ples’tendenciestowardfairness,reciprocity,andtrust.Thesectionalsoreportsevi-denceofsocialinfluencesacrossawidevarietyofcultures.Peopleoftenbehavereciprocally,evenwhenthereis
5、noroleforreputationandnoopportunityforretal-iationbyothers.Afterreviewingtheevidenceinsupportofthenotionthatpeoplehaveother-regardingpreferences,inSection11.4weprovidetwoexamplestoillus-tratehowignoringsocialinfluencescanleadtoincorrectconclusionsaboutimpor-t
6、antfinanceissues.Inparticular,weconsidertherelationshipbetweensocialforcesandcompetitioninmarketsandtheoptimaldesignofcontracts.Next,inSection11.5,weconsiderconformitytosocialpressure.InSection11.6,weseethatemo-tionandsocialbehaviorarelinked.Thechapterconclud
7、esinSection11.7withaconsiderationoftheargumentthatourreactiontosocialforcesis“hardwired”inourbrainsthroughtheforcesofevolution.185186CHAPTER1111.2HOMOECONOMICUSThedecision-makersportrayedinthebulkoffinancetheoryarerationalandself-interested.Thishomoeconomicus
8、viewofman’sbehaviorisgenerallyattributedtonineteenth-centuryeconomistJohnStuartMill,thoughhedidnotactuallyusethis12wording.AsMillargues,economics…doesnottreatthewholeofman’snatureasmodifi
