Why Smart People Make Big Money Mistakes and How to Correct Them : Lessons from the Life-Changi...
ISBN: 9781439163368 | 1439163367
Format: PaperbackPublisher: Simon & Schuster
Pub. Date: 1/12/2010
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THIS REVISED AND UPDATED EDITION OF THE CLASSIC WHY SMART PEOPLE MAKE BIG MONEY MISTAKES AND HOW TO CORRECT THEM GIVES YOU THE LATEST RESEARCH IN THE EXCITING FIELD OF BEHAVIORAL ECONOMICS.
In their fascinating investigation of the ways we handle money, Gary Belsky and Thomas Gilovich reveal the psychological forces -- the patterns of thinking and decision making -- behind seemingly irrational behavior. They explain why so many otherwise savvy people make foolish financial choices: why investors are too quick to... MORE
Filled with fresh insight; practical advice; and lively, illustrative anecdotes, this book gives you the tools you need to harness the powerful science of behavioral economics in any financial environment.
"A terrific introduction to the emerging science of behavioral finance." - Money magazine
"Great stuff. Fresh and helpful." - BusinessWeek
"This very helpful book is aimed at the novice and the expert, and you come away from it somewhat chastened by your own financial mistakes, but hopeful that you might learn a thing or two about holding onto your hard-earned cash. The authors don't offer simplistic solutions, but hard facts and sound advice."-Robert J. Hughes, SmartMoney
Revised and updated to reflect new economic realities, this is the definitive practical guide to the exciting field of behavioral economics.
• A fascinating and practical manual: Looking at the ways we spend, save, borrow, invest, and waste money, Gary Belsky and Thomas Gilovich reveal the psychology underlying irrational financial behavior. Entertaining case studies illustrate common patterns of thinking and show readers how changing their habits can protect and grow their assets. .
• New information for a new economic climate: Belsky and Gilovich offer sound theory and sensible advice that accounts for new economic realities and helps people make good decisions in these difficult times. .
• Increasing prominence of the field: Interest in behavioral economics has increased dramatically since the first edition was released. This updated volume will offer the latest research to readers eager to learn about its practical applications..
| Introduction: Why Smart People Make Big Money Mistakes | p. 1 |
| An introduction to the life-changing science of behavioral economics | |
| Not All Dollars Are Created Equal | p. 21 |
| How "mental accounting" can help you save, or cost you money. | |
| When Six of One Isn't Half A Dozen of the Other | p. 45 |
| How "loss aversion" and the "sunk cost fallacy" lead you to throw good money after bad. | |
| The Devil... MORE | p. 77 |
| How the "status quo bias" and the "endowment effect" make financial choices difficult. | |
| Number Numbness | p. 105 |
| "Money illusion, " "bigness bias, " and other ways that ignorance about math and probabilities can hurt you. | |
| Dropping Anchor | p. 131 |
| Why "anchoring" and the "confirmation bias" lead you to make important money decisions based on unimportant information. | |
| The Ego Trap | p. 155 |
| "Overconfidence" and the price of thinking that you know more than you do. | |
| Herd It Through The Grapevine | p. 183 |
| "Information cascades" and the danger of relying too much on the financial moves of others. | |
| Emotional Baggage | p. 209 |
| The role of emotions in decision making: What don't know about how we feel. | |
| Conclusion: Now What? | p. 235 |
| Principles to ponder and steps to take. | |
| Postscript: Psychic Income | p. 253 |
| Acknowledgments | p. 257 |
| Index | p. 261 |
| Table of Contents provided by Ingram. All Rights Reserved. |
Gary Belsky is the editor in chief of ESPN The Magazine and the author of several books. He lectures frequently to businesses and consumer groups around the world on the psychology of decision making. He lives in Manhattan. Thomas Gilovich is a professor of psychology at Cornell University and the author of How We Know What Isn't So. He lives in Ithaca, New York.
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