Isolation bias

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Chapter 12 in On the Methodology of Financial Economics, 2023, pp 255-257 from Edward Elgar Publishing

Abstract: This chapter discusses a concept from introductory financial economics courses (i.e., synergy) to show that the methodology of mainstream financial economics ignores it (i.e., such methodology is void of synergy). That is, although financial economists teach this concept in their introductory financial economics courses, the methodology that they employ in their research ignores that same concept, i.e., it is biased towards isolation, and consequently. This chapter suggests a multi-paradigmatic approach as a way to overcome such isolation bias. This chapter discusses one of the benefits of the multi-paradigmatic approach - which is advocated in this book - as it results in synergy, i.e., cross-fertilization, among paradigms, which is similar to the role of synergy in business mergers. Therefore, this chapter first discusses the benefit of synergy in the context of business mergers, and then it discusses the benefit of synergy in the context of financial research.

Keywords: Economics and Finance; Law - Academic (search for similar items in EconPapers)
Date: 2023
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