Interesting thought, although what people here talking about risk, greed and envy are debatable. I like Falkenstein but I don't agree with most of his points. Envy and ego must make sense, but then it lacks of another thing: bounded rationality, or the ability of calculation by people. So, greed & fear is traditional finance. Now we need to add envy, ego and limited ability to the story? So will it be too complicated? Is that the way people criticise EMH?
What can we learn if we don't start with a background like EMH? We need a base, whether it is high enough or not, at least we have no alternative base yet.