How and why markets aren't rational. Navigational tips for successfully charting the Bermuda Triangle of human economic behavior. ™

 
I first became interested in this subject in about 1985. A newly minted Ph.D in psychology, I needed to pay my impressively large student loans. Thus, instead of an taking an academic or clinical job, which paid a pittance, I entered the exciting world of commerce. My job was to manage all market research for commercial, consumer, and trust groups at a large regional bank. Although the prospect of researching peoples' feelings about the pricing of their checking accounts seemed a deadly one, I was surprised to learn that as with other relationships, those involving the exchange of money carried a huge amount of emotional baggage. In fact, on average, people--even sober, 'rational' businesspeople--did all kinds of things that made no sense. And, they did so in characteristic ways.
permalink: posted by saraw1 at 12/22/2002 04:47:00 PM