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Why do so many otherwise rational individuals make irrational decisions when it comes to money? Financial journalist Gary Belsky and Cornell University psychology professor Thomas Gilovich contend the answers can be found--and the deficiencies remedied--with help from a relatively new science called behavioral economics. Still largely unknown outside academic circles, the field can be traced to research on the impact of rewards and punishments on human judgment and decision- making that first were undertaken at Jerusalem's Hebrew University some 30 years ago. In Why Smart People Make Big Money Mistakes , Belsky and Gilovich update this pioneering work and show readers how to understand exactly why they invest, spend, and save as they do. More importantly, using examples that everyone can identify with and language that anyone can understand, the authors offer dozens of workable suggestions that can help readers manage their money better. "We believe that by identifying the psychological causes behind many types of financial decisions," they write, "you can effectively change your behavior in ways that will ultimately put more money in your pocket and help you keep more of what you already have." --Howard Rothman
Book Description
Why do so many otherwise smart people make foolish financial choices? Why do investors sell stocks just before they skyrocket -- and cling to others as they plummer? Why do shoppers overspend when using credit cards rather than cash? What do our habits of tipping or buying lottery tickets indicate about our relationship with money?
In this fascinating investigation of the ways we spend, invest, save, borrow, and waste money, Gary Belsky and Thomas Gilovich reveal the psychological causes -- the patterns of thinking and decision making -- of irrational behavior. Most important, they focus on the decisions we make every day and, using entertaining examples, provide invaluable tips on avoiding the financial faux pas that can cost thousands of dollars each year.
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Why do so many otherwise smart people make foolish financial choices? Why do investors sell stocks just before they sky rocket -- and cling to others as they plummet? Why do shoppers overspend when using credit cards rather than cash? What do our habits of tipping or buying lottery tickets indicate about our relationship with money? In this fascinating investigation of the ways we spend, invest, save, borrow, and waste money, Gary, Belsky and Thomas Gilovich reveal the psychological causes -- the patterns of thinking and decision-making -- that result in irrational behavior. Most importantly they focus on the decisions we make everyday and, using entertaining examples, provide invaluable tips on avoiding the financial faux pas that can cost thousands of dollars each year.
Customer Reviews:
Great Introduction to Behavioral Finance.......2007-07-21
For more than 20 years I have been fascinated why so many people make financial decisions which defy rationality. Unfortunately, I find it extremely difficult to read and comprehend most of the research papers that has been done in the field of behavioral finance. The last 5 years have seen several good books explaining the results of the emerging field of behavioral finance. This book is one of those good books.
As a fan of index funds, I enjoyed reading this book's explanation and recommendation for suggesting index funds.
This book is very readable and is an excellent primer on the major concepts which are emerging from behavioral finance research.
Socrates was right when he uttered his famous quote "Know Thy Self". One of the hardest things to do is to understand why we do what we do sometimes. This book helps explain some of this natural human behavior, and how we can manage it to make more rational financial decisions.
I would suggest companion books to supplement this book including:
Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
How to Use Psychology to Achieve Your Financial Goals
Are You Using the Right Rules to Plan Your Retirement?
The Richest Man in Babylon
Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
The Millionaire Next Door
The Four Pillars of Investing: Lessons for Building a Winning Portfolio
A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
The Bogleheads' Guide to Investing
Entertaining and good stuff.......2007-07-03
The book is easy to read and it also covers a lot of interesting topics. Highly recommended.
One of my favorite personal finance books.......2007-05-15
It's been years since I first read this book, but I still reference it often when talking about money decisions. It's readable, fun, and informative. I also enjoy the situational questions that begin each chapter. Even when you can see what point they're getting it, it's easy to see yourself making the same mistake in a moment of decision.
Out of the ivory tower and into your real life.......2007-01-09
this book is an easy well-written guide to understanding the academic field of behavioral economics and to bring it into the real world of our lives. The original research studies are really dry and hard to read even for a psychologist (I am one).....this is reader friendly and practical. Helped me understand some of the errors I made and still fall into....like noticing the stocks I have really done well with and forgetting about the ones that did not do so well so I think I have done really well in the market the past year..but then I look at the cold hard numbers and guess what? I did not do nearly as well I thought. Very helpful to use with patients who are having credit card woes (future dollars are so cheap). Dr. Mary Gresham Atlanta Ga
Are you mentally fit to make money decisions?.......2006-12-21
This book helps to show you some of the common pitfalls that people make when making decisions involving money. While there are topics related to investing, there are also general "money-decision" topics. There were actually some mistakes that I did not even think of but when I read them I realized that many of my friends made these mistakes. For me the biggest lesson that I learned was the part about mental accounting. This is one of those books that you think is all common sense but when you think about it, you realize that you too make these mistakes.
Customer Reviews:
A must-read to every researcher or PhD student.......2007-01-09
The bible to everyone who is seriosly interested in behavioral finance , and a must read to a PhD studend.
This book includes all the seminal papers of this brand new field of science.
In my opinion if one read this book it is worthless to buy any other book about behavioral finance. A real masterpiece as I have never seen before !
A nice collection .......2006-08-31
This collection of papers concerning behavioural finance, is a very helpfull item for any PhD or reasearch student that works on this subject. Although it does not contain material of the basics of behavioural finance, it has some good papers on issues such as volatility of the markets, noice trading etc.
Too academically oriented for average investor.......2002-01-02
I was looking forward to learning about new theories in Behavioral Finance, but was a little disappointed by this book. The 21 articles each examine a discrepancy in a free market situation and develop theories for explaining the discrepancy drawing upon the behavioral finance field. I have an MBA and have been an investor for more than 20 years. There are too many statistics and academic language to be an efficient book for me. I quickly switched to finding each of the 21 questions, then skipping to the summary to find the behavioral finance theory for the discrepancy. I did enjoy the credit card high interest rate explanation and consider this explanation alone worth the price of the book. I also enjoyed the closed end fund discount price explanation also very useful. Book is ok, but 90% of the material can be skipped unless you are a finance professor who enjoys the academic orientation and detail.
Book Description
On the trading floor, all action is based on news, therefore rumors in financial markets are an everyday phenomenon. Rumors are the oldest mass medium in the world and their nature is still difficult to grasp. Scientifically, not much is known about rumors, especially in the financial markets, where their consequences can have real money consequences. Rumors in Financial Markets provides a fresh insight to the topic, combining the theory of Behavioral Finance with that of Experimental Finance--a new and innovative scientific method which observes real decision makers in a controlled, clearly structured environment. Using the results from surveys and experiments, the author argues that rumors in the context of financial markets are built on three cornerstones: Finance, Psychology and Sociology. The book provides insights into how rumors evolve, spread and are traded on and provides explanations as to why volatility rockets, strong price movements, herding behavior for example, occur for apparently no good reason.
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Advances in Accounting Behavioral Research, Volume 5 (Advances in Accounting Behavioral Research)
Manufacturer: JAI Press
ProductGroup: Book
Binding: Hardcover
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ASIN: 0762309539 |
Book Description
Volume 5 of Advances in Accounting Behavioral Research contains an outstanding collection of papers that should prove to be beneficial to a wide variety of accounting behavioral researchers. This volume, which is divided into three sections, contains some very thought provoking articles. The first section, Perspectives of Accounting Behavioral Research, contains an insightful article by Jim Hunton reflecting on his view of the future of behavioral research in an environment that is increasingly driven by digital technology. Hunton is one of the preeminent scholars in the area of accounting information systems and this article offers insight into future research avenues for all behavioral researchers. The second section includes eight articles in the areas of auditor independence, auditor memory, auditor recall of information, decision aids, ethics, leadership style, job satisfaction and tax preparer aggressiveness. The article on audit
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Management Planning and Control: The Behavioral Foundations
Kenneth R. Ferris , and
J. Leslie Livingstone
Manufacturer: Gorsuch Scarisbrick Pub
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Binding: Paperback
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ASIN: 0939787008 |
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Accounting Control Systems: A Technical, Social, and Behavioral Integration
Manufacturer: Markus Wiener Publishers
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Binding: Hardcover
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ASIN: 1558760202 |
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Advances in Accounting Behavioral Research, Volume 1 (Advances in Accounting Behavioral Research)
Manufacturer: JAI Press
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ASIN: 0762303328 |
Book Description
This series publishes articles encompassing all areas of accounting that incorporate theory from and contribute new knowledge and understanding to the fields of applied psychology, sociology, management science, and economics. Although the series is primarily devoted to original empirical investigations, critical review papers, theoretical analyses, and methodological contributions are also welcome, as well as manuscripts that deal with organizational behavior and human decision processes in accounting.
Book Description
Finding and retaining qualified agents is an endless challenge for call centers. An effective recruiting strategy, combined with a motivating, supportive training program that keeps new-hires charged about their potential with the company, will pay off in lower hiring costs and higher staff retention. Call Center Recruiting and New-Hire Training offers call center managers valuable insights and ideas on:
• Developing retention-oriented recruiting strategies
• How to select the most qualified candidates
• Developing new-hires into successful agents
• Recruiting and training call center supervisors
• Alternative labor pools
Each chapter is filled with innovative practices, strategies and best practices from call centers that have successfully put a stop to the revolving door of agent attrition.
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Call Center Recruiting and New Hire Training
Greg Levin ,
Laurie Solomom ,
Ann Smith ,
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Dan Lowe ,
Mark Craig , and
Jennifer Wilber
Manufacturer: Call Center Press
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Managing and Motivating Contact Center Employees : Tools and Techniques for Inspiring Outstanding Performance from Your Frontline Staff
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Call Center Staffing: The Complete, Practical Guide to Workforce Management
ASIN: 0970950705 |
Book Description
The highest hurdle that stands before most call center managers today is the shortage of qualified agents. To help you prepare for booming call center growth and the demands of the emerging multichannel environment, Call Center Recruiting and New Hire Training compiles the best articles, ideas and tools from the monthly newsletter Call Center Management Review to give you the foundation for a forward-thinking approach to agent recruitment and new-hire training.
The increase in call center openings, low employment and intense rivalry for multiskilled agents will add up (if it doesn't already) to a management nightmare unless you have an effective recruitment and new-hire training program in place. Selected for their educational value, practicality and timeless recruiting and new-hire principles, these articles provide innovative practices, programs and strategies to get the right people with the right aptitudes and abilities in place before training commences... and then cultivate those new hires into high-performance agents equipped and ready for the challenges ahead. Paperback, 160 pages, 23 articles
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- Outdated
- useful tool--for reading not writing legislation
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Legislative Drafter's Desk Reference
Lawrence E. Filson , and
Sandra L. Strokoff
Manufacturer: CQ Press
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Binding: Hardcover
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ASIN: 0872894118 |
Product Description
The Legislative Drafter's Desk Reference is a practical guide to the drafting of federal and state laws for law and public policy students, and legal, lobbying, and legislative professionals. It contains a treasure trove of information that sets forth solid drafting principles in language that is easy to understand. It offers an introduction to the concept and the process of bill drafting along with step-by-step details of all the issues associated with crafting legislative bills or agency regulations.
The new and updated second edition captures how the work of legislative drafting has changed dramatically since the first edition because of the impact of word processing and the Internet in the drafting process. It features:
Chapter length treatments of the issues associated with crafting bill preliminaries, provisions, amendatory provisions, and style and usage.
Discussion of emerging issues such as pay/go, budget, appropriations procedures, practical political realities, court treatment of statutory construction principles, and other factors that have emerged to make the process of drafting and amending legislation more complex
Helpful compare/contrast exercises derived from poorly drafted bills Coverage of new issues such as the unintended consequences of legislation and how to make technical corrections to statutes
New material on drafting regulations for federal and state executive branch personnel
Customer Reviews:
Outdated.......2006-04-15
Mr. Filson's book was written in 1992 and it has not been updated. For a current take on legislative drafting, search Amazon for ISBN
1587330156
useful tool--for reading not writing legislation.......2006-01-16
This is a very useful tool for someone who needs to read and understand federal bills. It may also help remind (at least moderately experienced) drafters of the things to watch for when drafting legislation. (Although the author's occasional pompousness can be distracting.) However, if you have never drafted a bill before, this book will probably be somewhat less than useful. So I think it's a useful reference-if perhaps not for the reasons the author intended.
Have your office buy it for you. I would not spend my own money on this.
Average customer rating:
- Anthropic?
- An account of New physics
- The author that discovered himself
- The Universe that discovered itself: Why this name?
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The Universe That Discovered Itself
John D. Barrow
Manufacturer: Oxford University Press, USA
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Binding: Paperback
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ASIN: 0192862006 |
Book Description
Are there really laws of nature out there waiting to be discovered? Or are they simply an illusion? A retitled and revised edition of The World Within the World, this is John Barrow's extraordinary study of how we view the universe. Covering the magical notions of primitive cultures to the latest ideas about chaos, black holes, inflation, and superstrings, the book traces the development of our concept of what the laws of nature are and how we come to know them. Entertaining and inspiring, it is a journey to the edge of space and time. 'the sort of book that an archaeologist in the distant future would be delighted to have unearthed an educational wonder' TLS 'an excellent and entertaining book balancing at the crumbling edge of thought' New Scientist 'wonderfully wide-ranging Barrow explores not only a wide gamut of topics in the zone between physics and astronomy, but he wrestles with their philosophical contexts as well' Nature 'Written like a detective story, this book shows how scientists are creating a synthesis that will explain all the basic forces of nature in one theory.' Observer
Customer Reviews:
Anthropic?.......2005-06-03
Barrow, an astronomer, is the chief advocate of the so-called "anthropic cosmological principle," which he treats in some detail in this book. There are two basic objections to this notion.
First, if chaotic inflation is correct then there should be an infinite number of universes out there, past, present and future, taking all possible physical constants. In this case, there should be no wonder that a certain percentage of these universes should happen to take fundamental constants (such as the ratio of the strength of the gravitational force versus that of the electromagnetic force) that are favorable to life. The law of large numbers means that it would be strange if NO universes should have life. A percentage of life-supporting or even life-suffusing universes would be infinite if the number of "baby" or "bubble" universes out there is indeed infinite. If a large enough number of people buy the Powerball lottery, then some people are bound to win sooner or later, no matter how small the odds. Feeling that life is special because the physical constants in our universe require "fine tuning" would be like saying that if you are the Powerball winner, that's because the lottery was designed for you and you only. And that's absurd. The jackpot is given to whoever has the winning ticket, and not just you. And more importantly, the lottery was never designed with giving away prizes as its primary goal - it was designed to bring in revenue. Winners are just an inevitable side-effect of the whole scheme. If you win, you're merely lucky. But there is nothing special about you. Of course, a lottery must have winners or else the lottery would not work. The difference between lotteries and nature is that there is no reason to suppose that life is necessary in order for universes to exist.
We can all feel life is special for other reasons, but one should not argue that this is because nature is the way it is in order that life exists without also asking why it doesn't exist in SO MANY other places. And even if our universe is the only possible one (such a view is no longer acceptable), it is still a matter of debate among physicists as to whether fine tuning actually occurred.
The other objection is that this so-called "principle" is really just an interpretation, and is in no way a scientific principle comparable to the laws of mechanics or natural selection. Sir Martin Rees says "anthropic reasoning" would be more appropriate. It does not command general consent among scientists, and is thus more like a philosophical school of thought than a genuine scientific principle. To elevate anthropic ideas to the status of "principles" is exaggerated and misleading.
In my view, scientists like Barrow who win the Templeton Prize are disqualified thereby, somewhat like athletes who test positive for banned drugs. I'm not suggesting that scientists cannot have religious beliefs (and I was surprised to know that Andre Linde, a founder of chaotic inflation, also does). I only insist that scientific research should not be misused for religious purposes. Barrow can perhaps point to distinguished scientists like Freeman Dyson and John Wheeler for sympathy with his views. But I think this only shows that even distinguished scientists can be in serious error. Nobel Laureate in Physics Steven Weinberg, who thinks more clearly about these matters than most, finds that the Weak Anthropic Principle is nothing more than "mystical mumbo jumbo" (because it's just common sense to say that if the physical constants had been any different we would not have existed), and that the Strong Anthropic Principle is unbelievable because our universe is probably not the only one.
The main virtue of this book is the breadth of its coverage and the range of subjects discussed. Its erudition is broad rather than deep.
An account of New physics.......2001-10-01
In this small but chubby book author gives an account of history of Physics and goes into new Physics. Starts with greeks and he hates Philosophers, passes through classical Mechanics into Quantum physics with short stories of about the paradoxes and philosophical implications of Quantum Physics and into Cosmology. Half of the book with introduction and other half with Cosmological concepts. A lot of concepts are covered.
Particle Physics, Quantum Vacuum, Black Holes, Anthropologic Principles.Author has a good way of explaining things.
I enjoyed reading it.
The author that discovered himself.......2001-07-17
Judging from my own experience of reading such serious science books, it may be important to gain readers' attention by some measures like nice design, adequate amount of book, and easy vocabularies. At my first glance through this small and thick book, the contents seem to be too much for readers to concentrate. As a whole, this must be one of Barrow's magnificent books. Especially, the subtiles with the quotations of the famous persons are very impressive. This book also leads me to more deeply understand what made me confusing in terms of some new cencepts. I hope his another version of simpler edition will come to public sooner or later.
The Universe that discovered itself: Why this name?.......2000-05-22
I do not understand why this book deserves a diferent name other than "The World within the World", being just a second edition with minor changes. I bought the book via internet, but if I had had the opportunity to revise it in a bookstore, surely I would not buy it. Two sections has been eliminated from the original, and five has been added (twenty pages or so) in this new version. If you realize that the book contains over a hundred sections,you will be convinced that the changes are too few to justify another title. The new sections are: The second string revolution; Questions abot the superfuture; Time travel; The outer limit; Cosmology, stars and the life. The contents of these sections are included in others of the (excellents) books written by Barrow. For example, the section Time Travel is contained in the section "Time Travel: is the universe safe for historians?" from the book "Impossibility: The Limits of Science and the Science of Limits" (Oxford U. P. 1998). Summarizing, if you never read "The world within the world" (Oxford U. P., 1998), you now have a good opportunity to enjoy it in its update version; otherwise, it is preferable to purchase "Pi in the Sky", "Impossibility" or anyone of the tantalizing publications from this great writer.I rate this book with five stars, the same stars corresponding to "The world...", because is the same wonderful book.
Books:
- Wiley Gaap 97: Interpretation of Generally Accepted Accounting Principles for Windows
- Working Papers, Volume I, Chapters 1-12 to accompany Accounting Principles (Working Papers)
- 1998 Aace International Transactions
- 2000 Miller Electronic Commerce Assurance Services: Electronic Paper and Reference Guide
- 2001 Miller International Accounting Standards Guide
- 2001 Retirement Plans for Not-for-Profit Organizations: A Practical Guide to Cost-Effective Retirement Planning for Nonprofits
- 2002 Miller Gaas Practice Manual
- 60-Minute Estate Planner: Fast and Efficient Illustrated Plans to Avoid Probate, Save Taxes, Manage Finances, Protect Assets, and Control Distributions in Changing Times (Sixty Minute Estate Planner)
- A Model Program for Schools of Professional Accountancy
- Accounting, 19E or Financial Accounting, 7E: Study Guide, Chapters 1-16
Books Index
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