Interesting paper by Jim Leitzel of University of Chicago. He says many aspects of behavioral economics are found in Shakespeare:
Prospect theory, a mainstay model of behavioral economics, was designed by Kahneman and Tversky (1979) to offer a better descriptive account of human decision making than that provided by rational choice theory — and in many instances, it seems to deliver on its originators’ goal. Descriptions of plausible human behavior, then, should generally accord well with the features of prospect theory. The writings of William Shakespeare — an acclaimed observer of humanity — provide a classic data set of human behavior that can be tested for its adherence to prospect theory. This paper explores Shakespeare’s works, finding that the main elements of prospect theory-reference point dependence, loss aversion, and asymmetric gain/loss risk preferences are well represented within the Shakespeare canon. A second branch of behavioral economics, that examining happiness or “subjective wellbeing,” also is reviewed in light of Shakespeare’s works. Finally, Adam Smith, another acclaimed observer of humanity (who lived a little bit closer to Shakespeare’s time than to ours), offers some parallel behavioral commentary, too.
🙂
There was this interesting thing that Adam Smith got the invisible hand metaphor from Shakespeare.
Mostly Economics 
