Why Smart People Make Big Money Mistakes and How to Correct Them

Lessons from the Life-Changing Science of Behavioral Economics

Why Smart People Make Big Money Mistakes and How to Correct Them

• 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..
  • Simon & Schuster | 
  • 288 pages | 
  • ISBN 9781439163368 | 
  • January 2010
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Articles About This Book


Posted on 250 Words

Posted by Sam McNerney

There's a passage in Atul Gawande's Complications: A Surgeon's Notes on an Imperfect Science that captures three decades of research on human judgment. "The mind overestimates vivid dangers, falls into ruts, and manages multiples pieces of data...

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About the Authors

Gary Belsky

Gary Belsky is editor in chief of ESPN The Magazine, where he has worked since 1998. The author of several books, he lectures frequently on the psychology of decision-making to business and consumer groups around the world. From 1994 through 1998, Belsky was a regular commentator on CNN’s Your Money and a frequent contributor to Good Morning America, CBS This Morning, Crossfire and Oprah; he continues to appear on local and national radio and TV, commenting on sports, economics, business and personal finance. A St. Louis native, Belsky graduated from the University of Missouri in that city in 1983 with a BA in speech communication and political science. Before joining ESPN he was a writer at Money magazine and a reporter for Crain’s New York Business and the St. Louis Business Journal. In 1990, Belsky won the Gerald Loeb Award for Distinguished Business and Financial Journalism, administered by The Anderson School at UCLA. Belsky, who lives in Manhattan, serves on the board of directors of Urban Pathways, one of New York City’s largest providers of services to the homeless and mentally ill; as well as the New York Neo-Futurists, an East Village theater company.


Thomas Gilovich

Thomas Gilovich is a professor of psychology at Cornell University and author of The Wisest One in the Room, How We Know What Isn’t So, Why Smart People Make Big Money Mistakes, and Social Psychology. He lives in Ithaca, New York.