Why Smart People Make Big Money Mistakes and How to Correct Them

Lesson from the Life-Changing Science of Behavioral Economics

为什么聪明人理财也犯傻？

－理财误区的行为经济学解读

加里·贝尔斯基（Gary Belsky）

托马斯·季洛维奇（Thomas Gilovich）

"Great stuff. Fresh and helpful."

-- BusinessWeek

“很不错的一本书。内容新颖，很有用。”

　　－《商业周刊》（BusinessWeek）

"A terrific introduction to the emerging science of behavioral finance."

-- Money magazine

“本书是新兴行为金融学的绝佳入门书。”

　　－《金钱》杂志（Money）

经过修订和更新，《为什么聪明人理财也犯傻？》为你带来了行为经济学领域令人兴奋的最新研究成果。

通过对理财方式的调查，加里·贝尔斯基和托马斯·季洛维奇揭示了看似非理性行为背后的心理力量，而这种力量体现为思考和决策的模式。他们解释了为什么如此多的精明之人会在理财上做出愚蠢的选择：为什么投资者会太快地卖掉赚钱的股票，而又太慢地卖掉赔钱的股票？为什么卖房者没有卖出最理想的价格，而买房者没有得到最大的实惠？为什么透支信用卡的人会支付太多的利息，而存钱的人不能如愿储存尽可能多的钱？为什么我们很多人无法控制自己的开支？贝尔斯基和季洛维奇专注于我们日常生活的决定，并为我们提供了宝贵的指导，以免我们陷入每年会浪费无数金钱的理财误区。

行为经济学影响巨大，本书阐述了富有启发性的深刻观察，提供了实用性的建议和鲜活的奇闻轶事，赋予你在任何理财环境下利用行为经济学所需的工具。

This revised and updated edition of the classic Why Smart People Make Big Money Mistakes and How to Correct Them gives you the latest research in the exciting field of behavioral economics.

In their fascinating investigation of the ways we handle money, Gary Belsky and Thomas Gilovich reveal the psychological forces—the patterns of thinking and decision making—behind seemingly irrational behavior. They explain why so many otherwise savvy people make foolish financial choices: why investors are too quick to sell winning stocks and too slow to sell losing shares, why home sellers leave money on the table and home buyers don’t get the biggest bang for their buck, why borrowers pay too much credit card interest and savers can’t sock away as much as they’d like, and why so many of us can’t control our spending. Focusing on the decisions we make every day, Belsky and Gilovich provide invaluable guidance for avoiding the financial faux pas that can cost thousands of dollars each year.

 Filled with fresh insight; practical advice; and lively, illustrative anecdotes, this book gives you the tools you need to harness the powerful science of behavioral economics in any financial environment.

About the Author

Gary Belsky is the editor in chief of ESPN The Magazine and the author of several books. He lectures frequently to businesses and consumer groups around the world on the psychology of decision making. He lives in Manhattan.

加里·贝尔斯基是《ESPN杂志》主编和多本书的作者。经常在世界各地巡回演讲，向企业和消费者群体讲授决策心理学。他现住纽约的曼哈顿。

 　　Also by Thomas Gilovich

How We Know What Isn’t So: The Fallibility of Human Reason in Everyday Life

Heuristics and Biases: The Psychology of Intuitive Judgment (with Dale Griffin and Daniel Kahneman)

Social Psychology (with Dacher Keltner and Richard Nisbett)

Thomas Gilovich is a professor of psychology at Cornell University and author of How We Know What Isn’t So. He lives in Ithaca, New York.

托马斯·季洛维奇是美国康奈尔大学心理学教授，《我们如何知道并非如此》（How We Know What Isn’t So）的作者。他现住在纽约州的伊萨卡（Ithaca）。

 Also by Gary Belsky

23 Ways to Get to First Base: The ESPN Uncyclopedia (with Neil Fine)

Should You Really Be a Lawyer? The Guide to Smart Career Choices Before, During & After Law School (with Deborah Schneider)

ESPN The Magazine Presents Answer Guy: Extinguishing the Burning Questions of Sports with the Water Bucket of Truth (with Brendan O’Connor and Neil Fine)

On Second Thought . . . 365 of the Worst Promises, Predictions, and Pronouncements Ever Made

CONTENTS

Introduction:

Why smart people make big money mistakes

An introduction to the life-changing science of behavioral economics.

1 Not all dollars are created equal

How “mental accounting” can help you save, or cost you money.

2 When six of one isn’t half a dozen of the other

How “loss aversion” and the “sunk cost fallacy” lead you to throw good money after bad.

3 The devil that you know

How the “status quo bias” and the “endowment effect” make financial choices difficult.

4 Number numbness

"Money illusion,” “bigness bias,” and other ways that ignorance about math and probabilities can hurt you.

5 Dropping anchor

Why “anchoring” and the “confirmation bias” lead you to make important money decisions based on unimportant information.

6 The ego trap

"Overconfidence” and the price of thinking that you know more than you do.

7 Herd it through the grapevine

"Information cascades” and the danger of relying too much on the financial moves of others.

8 Emotional baggage

The role of emotions in decision making: what we don’t know about how we feel.

Conclusion: Now What?

Principles to ponder and steps to take.

Postscript: Psychic Income

Acknowledgments