Rationality is limited in money matters from "summary" of The New Psychology of Money by Adrian Furnham
When it comes to money matters, humans are not always the rational beings we like to think we are. Our decisions about money are often influenced by a myriad of emotions, biases, and cognitive errors that can lead us astray. This is because our rationality is limited in the realm of money - a fact that has been well-documented by research in behavioral economics and psychology.
One reason for our limited rationality in money matters is that money is a highly emotional topic for most people. The way we feel about money - whether we see it as a source of security, power, or happiness - can greatly impact our financial decisions. For example, we may be more likely to take risks with money when we are feeling optimistic and confident, and more likely to play it safe when we are feeling fearful or anxious.
In addition to our emotions, our decisions ab...
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