In this course, we will explore the psychological and behavioral factors that contribute to irrational and biased money decision-making. We will examine the role of cognitive biases and emotions in financial decision-making, and discuss strategies for overcoming these biases to make more rational financial choices. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Recognize the psychological and behavioral factors that contribute to irrational and biased money decision-making
- Identify common cognitive biases that impact financial decision-making
- Identify the role of mental accounting in financial decision-making
- Recognize the dangers of the ostrich effect in financial planning
- Use strategies for overcoming cognitive biases and emotions in financial decision-making
- Recognize the impact of present bias on financial planning
- Recognize the pitfalls of the sunk-cost fallacy in financial decision-making
- Identify the role of anchoring bias in financial decision-making
- Recognize the impact of status quo bias on financial decision-making
- Recognize the dangers of the bandwagon effect in financial planning
Major Topics
The major topics covered in this course include:Common irrational money decisionsCognitive biases and their impact on decision-making and ethical behaviorMental accountingThe ostrich effectPresent biasSunk-cost fallacyAnchoring biasStatus quo biasThe bandwagon effectEmotional responses in money decisions
