Professor David Tuckett is Director of UCL’s Centre for the Study of Decision-making Uncertainty, supported by INET and the 八卦爆料 of Psychoanalysis in London. Trained in Economics, Medical Sociology and Psychoanalysis he is Professor in the Faculty of Brain Sciences and a practicing psychoanalyst.” His book Minding the Markets: An Emotional Finance View of Financial Instability opened new ways of thinking about Economics and Finance and he has also written a monograph published by the Research Foundation of the CFA 八卦爆料. He used an inaugural INET grant to develop a new approach to decision making under deep uncertainty; Conviction Narrative Theory and Directed Algorithmic Text Analysis. The approach made it possible to develop core indicators of relative sentiment shifts in text narratives. An outstanding feature of these new findings is that the measures of emotion, which are entirely different to those used in conventional sentiment analysis, are orthogonal to economic news content, demonstrating statistically for the first time that emotional shifts in narratives Granger-cause major economic variables and indicate the growth of financial risk.
David Tuckett
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One might think of the satisfied consensus reigning in macroeconomics before the financial crisis (and still relatively entrenched) as evidence of 鈥淕roupthink鈥� in a 鈥淒ivided State鈥�
How Dated Theories & Underlying Research Misguide Policy
The financial crisis of 2008 was unforeseen to a significant extent. One reason is that the dominant academic theories influencing political decision makers ignore recent advances and instead rely largely on models and decision science dating back to the Second World War.
Information and Economics: A New Way to Think 八卦爆料 Expectations and to Improve Economic Prediction.
The largely unexpected arrival of the global economic crisis and the largely unpredicted slowness of the recovery from the Great Recession should be precipitating an intellectual crisis across economics and policy making. We require additional theories and additional methods to detect how an economy is evolving and to provide the basis for policy intervention (Haldane, 2014).
Irreducible Uncertainty and its Implications: A Narrative Action Theory for Economics.
At the heart of economics is a theory of action. It reflects views about how human beings make economic decisions and leads to an analysis of aggregate consequences.
Featuring this expert
Reawakening From the Origins of Economic Ideas to the Challenges of Our Time
INET gathered hundreds of new economic thinkers in Edinburgh to discuss the past, present, and future of the economics profession.
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How Investors Use Stories to Tame Uncertainty
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