Why Smart People Make Big Money Mistakes And How to Correct Them
Lessons from the New Science of Behavioral Economics
• 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..
Read an Excerpt
CHAPTER ONE: NOT ALL DOLLARS ARE CREATED EQUAL
By the third day of their honeymoon in Las Vegas, the newlyweds had lost their $1,000 gambling allowance. That night in bed, the groom noticed a glowing object on the dresser. Upon closer inspection, he realized it was a $5 chip they had saved as a souvenir. Strangely, the number 17 was flashing on the chip's face. Taking this as an omen, he donned his green bathrobe and rushed down to the roulette tables, where he placed the $5 chip on the square marked 17. Sure enough, the ball hit 17 and the 35-1 bet paid $175. He let his winnings ride, and once again the little ball landed on 17, paying...see more
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