This paper investigates whether people are equally irrational in
finance and everyday decisions by examining the responses of a
20-question survey conducted at Pace University. Results from
our data indicated that we could not conclude that people are
more irrational in one area more than the other. People appear
to be equally overconfident in both. Testing for frame versus
substance, the second set of data; the t-test signifies that
people are more irrational in their finance decisions than they
are in their everyday decisions with more than 99% certainty.
The third and final category of responses were tested for
problem solving: in other words are people more rational in
solving problems, such as "Montay Hall" questions, in finance or
everyday. From the t-test results we were not able to conclude
that people are more irrational in their finance decisions than
they are in their everyday decisions. The test did however
confirm previous research that people, given a second
opportunity, usually do not choose to