Abstract
This draft presentation shares with the readers a critical and historical truth about the fast-emerging field of Behavioral Finance & Economics. The fact that the roots of Behavioral Finance & Economics can be easily traced back to the founding of Capitalism and Free Enterprise System and specifically to Adam Smith and his “other book”, The Theory of Moral Sentiments (TMS). Sentiments, which was first published in 1759, went through six revisions in Smith’s lifetime; including the last revision in 1790, the year of his death. For comparison, Wealth of Nations was published in 1776. I am certainly not the first to make such a claim as a 2010 JBF&E article by Vernon Smith and a 2005 JPE writing by Ashraf, Camerer, and Loewenstein made similar observations and Smith went even further and developed some testable propositions.
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