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The prospect theory of Daniel Kahneman and Amos Tversky renewed the empirical study of economic behavior with less emphasis on rationality presuppositions.
Economist Herbert Gintis disagrees with this critique, citing empirical work as well as more recent work using techniques from behavioral economics.
According to Hersh Shefrin, one of the key researchers in Behavioral economics, the phrase hope and fear, although less colloquially used, would describe better those alterning excessive expectations by market players (2)
He was the winner of the 2010 Bernacer Prize to the best European economist under 40 working in macro-finance for his original research contributions in financial and behavioral economics, including the consequences of seemingly irrational behavior on asset markets, and his analysis of the level of compensation of corporate executives.