The behavioral psychology associated with money. The opening scene shows an experiment in which people bid on a $20 bill. The catch is that the highest bid will get $20, but the second highest bidder will have to pay the amount they bid. And bidding ends up going over the $20 the bill is worth.
Then it explores the aftermath of the worst financial crisis since the Great Depression, NOVA presents "Mind Over Money"—an entertaining and penetrating exploration of why mainstream economists failed to predict the crash of 2008 and why we so often make irrational financial decisions. The program reveals how our emotions interfere with our decision-making and explores controversial new arguments about the world of finance. In the face of the recent crash, can a new science that aims to incorporate human psychology into finance—behavioral economics—help us make better financial decisions?
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