Why smart people make big money mistakes--and how to correct them : lessons from the new science of behavioral economics / Gary Belsky and Thomas Gilovich.
- Why smart people make big money mistakes--and how to correct them : lessons from the new science of behavioral economics / Gary Belsky and Thomas Gilovich.
- Belsky, Gary.
- New York, NY : Simon & Schuster, , ©1999.
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- Additional Authors
- Gilovich, Thomas.
- 220 pages; 25 cm
- Why Smart People Make Big Money Mistakes: An introduction to the new science of behavioral economics. Ch. 1. Not all Dollars are Created Equal: How "mental accounting" can help you save or cost you money. Ch. 2. When Six of One isn't Half a Dozen of the other: How "loss aversion" and the "sunk cost fallacy" lead you to throw good money after bad. Ch. 3. The Devil that you Know: How the "status quo bias" and the "endowment effect" make financial choices difficult. Ch. 4. Number Numbness: "Money illusion," "bigness bias," and other ways that ignorance about math and probabilities can hurt you. Ch. 5. Anchors Aweigh: Why "anchoring" and "confirmation bias" lead you to make important money decisions based on unimportant information. Ch. 6. The Ego Trap: "Overconfidence" and the price of thinking that you know more than you do. Ch. 7. I Herd it through the Grapevine: "Information cascades" and the danger of relying too much on the financial moves of others.
- Conclusion: Now what?: Principles to ponder and steps to take -- Postscript: Psychic Income.
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