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Financial BehaviorPlayers, Services, Products, and Markets$
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H. Kent Baker, Greg Filbeck, and Victor Ricciardi

Print publication date: 2017

Print ISBN-13: 9780190269999

Published to Oxford Scholarship Online: May 2017

DOI: 10.1093/acprof:oso/9780190269999.001.0001

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Practical Challenges of Implementing Behavioral Finance

Practical Challenges of Implementing Behavioral Finance

Reflections from the Field

Chapter:
(p.542) 29 Practical Challenges of Implementing Behavioral Finance
Source:
Financial Behavior
Author(s):

Greg B. Davies

Peter Brooks

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190269999.003.0029

Behavioral finance is useful only if it can be applied to help people make better decisions. This chapter offers reflections on the good, bad, and ugly of practical applications of behavioral finance in a commercial banking setting. It explores the difficulties of nonexperts experimenting with behavioral finance, and how effective applications require a unique mix of expert knowledge and the ability to effect change through a business. Principles of good applications of behavioral finance are also presented, with information on how to start using behavioral finance within an organization. The importance of senior management’s acknowledging that behavioral finance practitioners do not necessarily know the correct answer and that they will need to use randomized control trials to learn is also discussed.

Keywords:   behavioral finance, banking, applications, randomized control trials

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