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Utilizing a multi-paradigmatic approach in considering the scientific methodology of mainstream financial economics, and suggesting improvements, this book identifies eleven biases of the scientific methodology of mainstream financial economics. It explores intellectual bias, local bias, fad bias, ideological bias, automaticity bias, confirmation bias, cultural bias, stereotyping bias, under-productivity bias, homogeneity bias, and isolation bias.Applying this approach, which consists of four key paradigms; functionalist, interpretive, radical humanist, and radical structuralist; Kavous Ardalan considers the methodology of mainstream financial economics and identifies these biases, the rectification of which provides a broad and balanced understanding of the multi-faceted subject matter. Generating insightful theories, concepts, and analytical tools, the multi-paradigmatic approach enables a systematic and methodical approach, in the discussion of which Ardalan commences with a foundational philosophical introduction and then applies it to the methodology of financial economics. The book concludes with useful guidance on broadening both teaching and research techniques using this valuable approach in a diverse world.Active scholars and researchers in financial economics and related fields will find this a fascinating alternative read to the more traditional books, alongside those looking for an alternative method of teaching this all-important field.
Kavous Ardalan, Professor of Finance, School of Management, Marist College, US
Contents: Preface 1. Four paradigms 2. Intellectual bias 3. Home bias 4. Fad bias 5. Ideological bias 6. Automaticity bias 7. Confirmation bias 8. Cultural bias 9. Stereotyping bias 10. Under-productivity bias 11. Homogeneity bias 12. Isolation bias 13. Teaching based on a multi-paradigmatic approach 14. Research based on a multi-paradigmatic approach 15. Conclusion to On the Methodology of Financial Economics Index
‘Kavous Ardalan provides a fresh and important critique to mainstream approaches in financial economics from a multi-paradigmatic perspective. He highlights the flaws of dominant approaches but also provides alternative views. Strongly recommended to all scholars and students in the field of finance and economics!’
