People tend to be penny wise and pound foolish and cry over spilt
milk, even though we are taught to do neither. Focusing on the
present at the expense of the future and basing decisions on lost
value are two mistakes common to decision-making that are
particularly costly in the world of finance. Behavioral Finance:
What Everyone Needs to KnowR provides an overview of common
shortcuts and mistakes people make in managing their finances. It
covers the common cognitive biases or errors that occur when people
are collecting, processing, and interpreting information. These
include emotional biases and the influence of social factors, from
culture to the behavior of one's peers. These effects vary during
one's life, reflecting differences in due to age, experience, and
gender. Among the questions to be addressed are: How did the
financial crisis of 2007-2008 spur understanding human behavior?
What are market anomalies and how do they relate to behavioral
biases? What role does overconfidence play in financial decision-
making? And how does getting older affect risk tolerance?
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