[cgio]

I would agree up until recently. I am starting to think, though, that behavioral is only relevant in an economy of choice. With choice I keep it simple to having the option to spend or not wealth (including consuming/selling some of your stock). The less choice in the market, the more the classical models will be reasonable and efficient approximations as they can accommodate one sided choices. Complex dynamics are not what we experience now. There is a market direction, the power to impose it and its application at clear sight.