There is a relatively new field of social science (i.e. the study of social behavior) called behavioral economics. It has been around for about 10 years formally. And two of the leaders in the field (Daniel Kahneman and Amos Tversky) received a Nobel prize a few years back. As a psychologist, initially I had a bit of a cynical view
I am not an economist (thankfully). But economists, meteorologists (those who try to predict the weather), and psychologists are somewhat in the same situation — our ‘sciences’ are not very “hard” — that is, they often are not solidly grounded in data and they lack power to predict. For example, last night there was no prediction at all of any
I have been collecting some articles on psychology and wealth from a variety of journals I receive, and recently there was a group of articles published in the Monitor of Psychology which is published by the American Psychological Association. I thought I would briefly share some of the information reported. One article in the January 2009 Monitor entitled “Mind over
Two weeks ago I shared some thoughts from the very interesting book, Inside the Investor’s Brain, by Dr. Richard Peterson. Here are some more of his insights. Some of the initial parts (e.g. feelings) are fairly self-evident but are necessary foundations for later comments and conclusions. [reminder: page numbers are in parens] Feelings Feelings are the result of the comparison
I’m on vacation this week — and when I’m on vacation (after the first few days of brainless activity), I dive in to books I have had in my reading pile for a while. One of the books I brought, Inside the Investor’s Brain: The Power of Mind over Money by Richard Peterson, (published just this year) is quite interesting. And I’d
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