I found this to be a very interesting article:

We are all far less rational in our decision-making than standard economic theory assumes. Our irrational behaviors are neither random nor senseless: they are systematic and predictable. We all make the same types of mistakes over and over, because of the basic wiring of our brains.

"That's the financial world as Dan Ariely sees it. A professor of psychology and behavioral economics at Duke University, Dr. Ariely has wondered for years why people often don't act in their own best interest. In 2008 he wrote about his research in Predictably Irrational: The Hidden Forces That Shape Our Decisions, which he updated last year with observations on the financial crisis.

As a clinician in private practice for more than 30 years, I focus on irrationality, too — specifically, on helping individuals and couples explore irrationalities around money and move toward a more balanced state of mind that I call money harmony. After reading Ariely's thought-provoking book, I wanted to know what this enlightened researcher might have to say to advisors today…


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