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Why Smart People Make Big Money Mistakes and How to Correct Them: Lessons from the Life-Changing Science of Behavioral Economics | 
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| Authors: Gary Belsky, Thomas Gilovich
Publisher: Simon & Schuster
Category: Book
List Price: $15.00
Buy New: $5.98
You Save: $9.02 (60%)
New (31) Used (14) from $5.74
Rating:  3 reviews
Media: Paperback
Edition: Original
Pages: 275
Number Of Items: 1
Shipping Weight (lbs): 0.6
Dimensions (in): 8.2 x 5.4 x 1.1
ISBN: 1439163367
Dewey Decimal Number: 332.024
EAN: 9781439163368
Publication Date: January 12, 2010
Availability: Usually ships in 1-2 business days
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| • | ISBN13: 9781439163368 | | • | Condition: New | | • | Notes: BUY WITH CONFIDENCE, Over one million books sold! 98% Positive feedback. Compare our books, prices and service to the competition. 100% Satisfaction Guaranteed |
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Product Description
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 sell winning stocks and too slow to sell losing shares, why home sellers leave money on the table and home buyers don't get the biggest bang for their buck, why borrowers pay too much credit card interest and savers can't sock away as much as they'd like, and why so many of us can't control our spending. Focusing on the decisions we make every day, Belsky and Gilovich provide invaluable guidance for avoiding the financial faux pas that can cost thousands of dollars each year. 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.
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| Customer Reviews:
Everybody claiming to have an open mind should read this book. July 10, 2010
Dennis Shore (Boca Raton, FL)
Someone once said, "If you think you're important, try ordering the neighbors' dog around." If you think you are smart with your money, read this book. A terrific read for anyone who is not a prisoner of thier own beliefs and opinions. Only an open mind will actually learn something new today. And when it comes to money and my health, I'm all ears.
This great book will really make you think June 11, 2010
B. Sprague
1 out of 1 found this review helpful
Belsky and Gilovich give a great summary of the short history of the field of behavioral finance. More importantly, they present straightforward, thought-provoking suggestions about how to avoid making common financial mistakes. Much of economic theory is built upon the assumption that human beings are fundamentally rational actors, but this book shows that the idea that we act rationally and consistently in our best interest is just not true. I saw how contradictory and incongruous my own actions are in many areas of my financial life, especially with regard to investments, and I know that reading this book will make me more aware of preventing emotions like anxiety, pride, greed, and fear get in the way of making good decisions. This book is a must read not just for anyone who is an investor, but for everyone who takes part in our economic society (i.e. everyone). Read this book!
A must read for investors and those interested in human behavior March 3, 2010
Larry (St. Louis, Mo. USA)
6 out of 7 found this review helpful
Gary Belsky and Thomas Gilovich's book, Why Smart People Make Big Money Mistakes was first published in 1999. Their book had an enormous impact on me. It was extremely well written and provided fascinating insights into the newly emerging field of behavioral finance. The authors explained why even the smartest people make foolish mistakes. I am certain that every reader experienced what I did, see themselves in the examples and stories provided.
Among the many mistakes the book covers are playing with the house's money, mental accounting (treating the same situation in different ways), confusing something that is familiar with something that is safe, believing in hot hands, herding, the endowment effect, loss aversion, and, of course, overconfidence.
The book triggered a desire to learn everything I could about the field. Eventually I wrote my own book on investor behavior, Rational Investing In Irrational Times: How to Avoid the Costly Mistakes Even Smart People Make (2002).
Fortunately, Belsky and Gilovich have revised and updated their book. Like its predecessor it's a great introduction to the field of behavioral finance. It's both highly readable and entertaining. The book is filled with fresh insights and each chapter contains practical advice on how to avoid the serious errors that most of us make simply because we are human beings. I view it as a must read for not only investors, but also those interested in human behavior.
For those interested in this fascinating field I would also recommend Jason Zweig's Your Money and Your Brain, Daniel Ariely's Predictably Irrational, and Hersh Shefrin's Beyond Greed and Fear.
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