There is nothing esoteric about the subject. It’s just elementary common sense. But the world has gone crazy in making the subject so complex. There is a cottage industry in identifying new biases there now!
Apart from poetry, I would also recommend material on spirituality. Spiritual gurus got there well before behavioral economists. Take the example of “equanimity” an idea about maintaining a balanced mind, that’s at least as old as Buddha and probably much older.
The term “Upekkha” From Dhammapada means equanimity - or a balanced mind. To have a balanced mind requires overcoming loss aversion (Kahneman), and treating the losses and gains just the same (as Kipling advises in his “If” poem). It means the quality of being emotionally calm, balanced and even (or especially) when confronted with difficult situations.
Similarly, if you want to learn about “impermanence” read up on Buddhism.
If you want to learn about multiple points of view (the “outside view” idea of Kahneman looks at just one additional viewpoint) read up on Jainism and you will encounter “anekantvada,” a doctrine of uncertainty which entertains plurality and multiplicity of viewpoints. You will learn about “saptabhangi” which establishes that knowledge of reality is relative. The seven possibilities that the saptabhangi doctrine outlines are: maybe, it is; maybe, it is not; maybe, it is and is not; maybe, it is inexpressible; maybe, it is and is inexpressible; maybe, it is not and is inexpressible; maybe it is and is not and is inexpressible.
You read Seneca and the other stoics, and you will encounter ideas that are old and wise and have stood the test of time.
The more you will read on spirituality, the more you’ll come to the conclusion that behavioral finance is nothing but an old wine in a new bottle.
Sanjay Bakshi
ॐ