Finance for Normal People teaches behavioral finance to people like
you and me - normal people, neither rational nor irrational. We are
consumers, savers, investors, and managers - corporate managers,
money managers, financial advisers, and all other financial
professionals. The book guides us to know our wants-including hope
for riches, protection from poverty, caring for family, sincere
social responsibility and high social status. It teaches financial
facts and human behavior, including making cognitive and emotional
shortcuts and avoiding cognitive and emotional errors such as
overconfidence, hindsight, exaggerated fear, and unrealistic hope.
And it guides us to banish ignorance, gain knowledge, and increase
the ratio of smart to foolish behavior on our way to what we want.
These lessons of behavioral finance draw on what we know about
us-normal people-including our wants, cognition, and emotions. And
they draw on the roles of these factors in saving and spending,
portfolio construction, returns we can expect from our investments,
and whether we can hope to beat the market. Meir Statman, a founder
of behavioral finance, draws on his extensive research and the
research of many others to build a unified structure of behavioral
finance. Its foundation blocks include normal behavior, behavioral
portfolio theory, behavioral life-cycle theory, behavioral asset
pricing theory, and behavioral market efficiency.
General
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