Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich [Paperback]Jason Zweig
                  
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                             4.2 out of 5 stars See all reviews(33 customer reviews)                                                                                                         

33 Reviews   5 star: (17)   4 star: (12)   3 star: (1)   2 star: (1)   1 star: (2) › See all 33 customer reviews...

                           
                          

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        From Publishers Weekly    Starred Review.It's tempting to blame your upbringing or your stingy boss, but thereal culprit in your flawed relationship with money is your very ownbrain, argues finance writer Zweig. Combining concepts in neuroscience,economics and psychology, he explains how our biology drives us towardgood or bad investment decision. Our brains are pretty self-deceptive,it turns out: we have difficulty admitting our lack of knowledge aboutfinances; we overestimate our own wisdom and performance; and ourpreference for mistakes of action rather than inaction often leads usto irrational investment decisions. Most tellingly, humans believewe're smart enough to forecast the future even when we have beenexplicitly told that it is unpredictable. Among the book's fun facts:the MRI brain scan of a cocaine addict is virtually identical to thatof someone who thinks he is about to make money. Backed by stellarresearch and written in an entertaining, informal style that makes acomplex subject accessible to the layperson, Zweig makes clear how wecan understand what our brains are doing and how to use that knowledgeto get out of our own way and invest wisely. (Sept.)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.  --This text refers to the Hardcover edition.  
  
      From Booklist  Do you fret over the value of your investments on a daily basis? Do youbuy stocks based on a "hunch" or a gut feeling? According to Zweig, thelatest scientific evidence shows that this common behavior usuallyresults in financial loss and is caused by the way our brain reactswhen we think about money. According to recent research in the emergingscience of "neuroeconomics," the pleasure center in the brain that isstimulated in anticipation of "the big payout" is the same area that isaffected during sex or drug use and is responsible for the addiction togambling. Our brains, which evolved more than 200,000 years ago toreact quickly to patterns and minute changes in our environment, arenot equipped to handle the randomness of the stock market; butnevertheless we attempt to create meaningful patterns where there arenone and base our investment decisions on erroneous assumptions. Thegood news is that awareness of this phenomenon can make us betterinvestors, and Zweig offers some simple tips to avoid the pitfalls,such as taking the long view and avoiding overtrading. Siegfried, David--This text refers to the Hardcover edition.  
  
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