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Mean Markets and Lizard Brains: How to Profit from the New Science of Irrationality
Everyone from journalists to market pros are turning to behavioral finance to explain, analyze, and predict market direction In contrast to old-school assumptions of cool-headed rationality, the new behavioral school embraces hot-blooded human irrationality as a core feature of both individuals and financial markets. The 2002 Nobel Prize in Economics was awarded to scholars of this new scientific approach to irrationality. In Mean Markets and Lizard Brains, Terry Burnham, an economist who has a proven ability to translate complex topics into everyday language, reveals the biological causes of irrationality. The human brain contains ancient structures that exert powerful and often unconscious influences on behavior. This "lizard brain" may have helped our ancestors eat and reproduce, but it wreaks havoc with our finances. Going far beyond cataloguing our financial foibles, Dr. Burnham applies this novel approach to all of today's most important financial topics: the stock market, the economy, real estate, bonds, mortgages, inflation, and savings. This broad and scholarly investigation provides an in-depth look at why manias, panics, and crashes happen, and why people are built to want to buy at irrationally high prices and sell at irrationally low prices. Most importantly, by incorporating the new science of irrationality, readers can position themselves to profit from financial markets that often seem downright mean. Mean Markets and Lizard Brains skillfully identifies the craziness that is part of human nature, helps us see it in ourselves, and then shows us how to profit from a world that doesn't always make sense. TERRY BURNHAM is a leader in the application of biology to economics and finance. He was an economics professor at Harvard for many years, beginning at the Kennedy School and, most recently, at the Harvard Business School. His biological research has taken him to Africa to observe wild chimpanzees and to the laboratory to study the role of testosterone in negotiation. He is coauthor of the international bestseller Mean Genes. Before joining the Harvard faculty, he worked at Goldman Sachs & Co. and was the president and CFO of the successful start-up biotechnology firm, Progenics Pharmaceuticals, whose work in AIDS and cancer treatment has been widely praised. Dr. Burnham has a PhD in business economics from Harvard University, a master's in finance from MIT, an MS in computer science from San Diego State University, and a BS in biophysics from the University of Michigan. He served with distinction as a tank driver in the U.S. Marine Corps. ..
Price: $10.35
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Irrationality
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Everyday Irrationality: How Pseudo-Scientists, Lunatics, and the Rest of Us Systematically Fail to Think Rationally
Robyn Dawes defines irrationality as adhering to beliefs that are inherently self-contradictory, not just incorrect, self-defeating, or the basis of poor decisions Such beliefs are unfortunately common. Witness two examples: the belief that child sexual abuse can be diagnosed by observing symptoms typically resulting from such abuse, rather than symptoms that differentiate between abused and non-abused children; and the belief that a physical or personal disaster can be understood by studying it alone in-depth rather than by comparing the situation in which it occurred to similar situations where nothing bad happened. This book first demonstrates how such irrationality results from ignoring obvious comparisons. Such neglect is traced to associational and story-based thinking, while true rational judgment requires comparative thinking. Strong emotion--or even insanity--is one reason for making automatic associations without comparison, but as the author demonstrates, a lot of everyday judgment, unsupported professional claims, and even social policy is based on the same kind of irrationality. .
Price: $28.80
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Dynamics of Crowd-Minds: Patterns of Irrationality in Emotions, Beliefs And Actions (World Scientific Series on Nonlinear Science, Series A) (Wolrld Scientific Series on Nonlinear Science: Series a)
A crowd-mind emerges when formation of a crowd causes fusion of individual minds into one collective mind. Members of the crowd lose their individuality The deindividuation leads to derationalization: emotional, impulsive and irrational behavior, self-catalytic activities, memory impairment, perceptual distortion, hyper-responsiveness, and distortion of traditional forms and structures. This book presents unique results of computational studies on cognitive and affective space-time processes in large-scale collectives of abstract agents being far from mental equilibrium. Computational experiments demonstrate that the irrational and nonsensical behavior of individual entities of crowd-mind results in complex, rich and non-trivial spatio-temporal dynamics of the agent collectives. Mathematical methods employ theory and techniques of cellular-automata and lattice swarms, applied algebra, theory of finite automata and Markov chains, and elementary differential equations..
Price: $69.59
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Irrationality: Why We Don't Think Straight!
Why do doctors, generals, civil servants and others consistently make wrong decisions that cause enormous harm to others? Why do we sit through a boring play just because the tickets were expensive? Sutherland's witty dissection of muddled thinking explains irrationality in an entertaining way, offering a valuable guide to straight thinking. "Totally enthralling."--Oliver Sacks..
Price: $29.25
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Liberals Without Logic: Inconsistencies and Irrationality in John W. Dean's Conservatives Without Conscience""
In July 2006, John W. Dean published "Conservatives Without Conscience," a book condemning the modern conservative movement for being authoritarian Dean's book became an instant bestseller. But does it really prove that today's conservatives lack conscience? In his latest book, Peter Thomas explains why "Conservatives Without Conscience" is not persuasive to rational readers. If you've read Dean's book, then you owe it to yourself to read "Liberals Without Logic.".
Price: $12.82
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