Your Money and Your Brain (eBook)
320 Seiten
Simon & Schuster (Verlag)
978-1-4165-3979-7 (ISBN)
What happens inside our brains when we think about money? Quite a lot, actually, and some of it isn't good for our financial health. In Your Money and Your Brain, Jason Zweig explains why smart people make stupid financial decisions -- and what they can do to avoid these mistakes. Zweig, a veteran financial journalist, draws on the latest research in neuroeconomics, a fascinating new discipline that combines psychology, neuroscience, and economics to better understand financial decision making. He shows why we often misunderstand risk and why we tend to be overconfident about our investment decisions. Your Money and Your Brain offers some radical new insights into investing and shows investors how to take control of the battlefield between reason and emotion.
Your Money and Your Brain is as entertaining as it is enlightening. In the course of his research, Zweig visited leading neuroscience laboratories and subjected himself to numerous experiments. He blends anecdotes from these experiences with stories about investing mistakes, including confessions of stupidity from some highly successful people. Then he draws lessons and offers original practical steps that investors can take to make wiser decisions.
Anyone who has ever looked back on a financial decision and said, 'How could I have been so stupid?' will benefit from reading this book.
Drawing on the latest scientific research, Jason Zweig shows what happens in your brain when you think about money and tells investors how to take practical, simple steps to avoid common mistakes and become more successful.What happens inside our brains when we think about money? Quite a lot, actually, and some of it isnt good for our financial health. In Your Money and Your Brain, Jason Zweig explains why smart people make stupid financial decisionsand what they can do to avoid these mistakes. Zweig, a veteran financial journalist, draws on the latest research in neuroeconomics, a fascinating new discipline that combines psychology, neuroscience, and economics to better understand financial decision making. He shows why we often misunderstand risk and why we tend to be overconfident about our investment decisions. Your Money and Your Brain offers some radical new insights into investing and shows investors how to take control of the battlefield between reason and emotion. Your Money and Your Brain is as entertaining as it is enlightening. In the course of his research, Zweig visited leading neuroscience laboratories and subjected himself to numerous experiments. He blends anecdotes from these experiences with stories about investing mistakes, including confessions of stupidity from some highly successful people. Then he draws lessons and offers original practical steps that investors can take to make wiser decisions. Anyone who has ever looked back on a financial decision and said, How could I have been so stupid? will benefit from reading this book.
CHAPTER ONE
Neuroeconomics
BRAIN, n. An apparatus with which we think that we think.
-- Ambrose Bierce
'How could I have been such an idiot?' If you've never yelled that sentence at yourself in a fury, you're not an investor. There may be nothing across the entire spectrum of human endeavor that makes so many smart people feel so stupid as investing does. That's why I've set out to explain, in terms any investor can understand, what goes on inside your brain when you make decisions about money. To get the best use out of any tool or machine, it helps to know at least a little about how it works, you will never maximize your wealth unless you can optimize your mind. Fortunately, over the past few years, scientists have made stunning discoveries about the ways the human brain evaluates rewards, sizes up risks, and calculates probabilities. With the wonders of imaging technology, we can now observe the precise neural circuitry that switches on and off in your brain when you invest.
I've been a financial journalist since 1987, and nothing I've ever learned about investing has excited me more than the spectacular findings emerging from the study of 'neuroeconomics.' Thanks to this newborn field -- a hybrid of neuroscience, economics, and psychology -- we can begin to understand what drives investing behavior not only on the theoretical or practical level, but as a basic biological function. These flashes of fundamental insight will enable you to see as never before what makes you tick as an investor.
On this ultimate quest for financial self-knowledge, I'll take you inside laboratories run by some of the world's leading neuroeconomists and describe their fascinating experiments firsthand, since I've had my own brain studied again and again by these researchers. (The scientific consensus on my cranium is simple: It's a mess in there.)
The newest findings in neuroeconomics suggest that much of what we've been told about investing is wrong. In theory, the more we learn about our investments, and the harder we work at understanding them, the more money we will make. Economists have long insisted that investors know what they want, understand the tradeoff between risk and reward, and use information logically to pursue their goals.
You're not alone. Like dieters lurching from Pritikin to Atkins to South Beach and ending up at least as heavy as they started, investors habitually are their own worst enemies, even when they know better.
One of the themes of this book is that our investing brains often drive us to do things that make no logical sense -- but make perfect emotional sense. That does not make us irrational. It makes us human. Our brains were originally designed to get more of whatever would improve our odds of survival and to avoid whatever would worsen the odds. Emotional...
Erscheint lt. Verlag | 4.9.2007 |
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Sprache | englisch |
Themenwelt | Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse |
Sachbuch/Ratgeber ► Gesundheit / Leben / Psychologie ► Lebenshilfe / Lebensführung | |
Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung | |
ISBN-10 | 1-4165-3979-4 / 1416539794 |
ISBN-13 | 978-1-4165-3979-7 / 9781416539797 |
Haben Sie eine Frage zum Produkt? |
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