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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: $14.95
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Weakness of Will and Practical Irrationality
Among the many practical failures that threaten us, weakness of will or akrasia is often considered to be a paradigm of irrationality. The eleven new essays in this collection, written by an excellent international team of philosophers, some well-established, some younger scholars, give a rich overview of the current debate over weakness of will and practical irrationality more generally. Issues covered include classical questions such as the distinction between weakness and compulsion, the connection between evaluative judgement and motivation, the role of emotions in akrasia, rational agency, and the existence of the will. The also include new topics, such as group akrasia, strength of will, the nature of correct choice, the structure of decision theory, the temporality of prudential reasons, and emotional rationality. Because these questions cut across philosophy of mind and ethics, the collection will be essential reading for scholars, postgraduates, and upper-level undergraduates in both these fields..
Price: $42.42
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Deductive Irrationality: A Commonsense Critique of Economic Rationalism
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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: $25.48
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Irrationality: An Essay on Akrasia, Self-Deception, and Self-Control
Although much human action serves as proof that irrational behavior is remarkably common, certain forms of irrationality--most notably, incontinent action and self-deception--pose such difficult theoretical problems that philosophers have rejected them as logically or psychologically impossible. Here, Mele shows that, and how, incontinent action and self-deception are indeed possible. Drawing upon recent experimental work in the psychology of action and inference, he advances naturalized explanations of akratic action and self-deception while resolving the paradoxes around which the philosophical literature revolves. In addition, he defends an account of self-control, argues that "strict" akratic action is an insurmountable obstacle for traditional belief-desire models of action-explanation, and explains how a considerably modified model accommodates action of this sort..
Price: $29.81
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Between Rationality and Irrationality: The Jewish Psychotherapeutic System
These memoirs of a renowned American biologist deal with his traumatic childhood in Nazi Berlin, his young adulthood in Illinois, his first postwar return to Berlin in 1946 as a scientific advisor to the US Military Government, and his participation in California in the exciting early scientific breakthroughs in the development of molecular biology that transformed the 20th century life sciences. The red thread of these memoirs is the author's failed love affair with a young German actress he met in Berlin in 1946 on the day his story opens and saw for the last time in 1950 on the day his story closes..
Price: $24.58
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