Daniel Kahneman Quotes
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He weights losses about twice as much as gains, which is normal.
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Nobody would say, 'I'm voting for this guy because he's got the stronger chin,' but that, in fact, is partly what happens.
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I enjoy being active, but I look forward to the day when I can retire to the Internet.
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Alternative descriptions of the same reality evoke different emotions and different associations.
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Suppose you like someone very much. Then, by a familiar halo effect, you will also be prone to believe many good things about that person - you will be biased in their favor. Most of us like ourselves very much, and that suffices to explain self-assessments that are biased in a particular direction.
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It doesn't take many observations to think you've spotted a trend, and it's probably not a trend at all.
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Through some combination of culture and biology, our minds are intuitively receptive to religion.
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All of us would be better investors if we just made fewer decisions.
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Policy makers, like most people, normally feel that they already know all the psychology and all the sociology they are likely to need for their decisions. I don't think they are right, but that's the way it is.
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If you think in terms of major losses, because losses loom much larger than gains - that's a very well-established finding - you tend to be very risk-averse. When you think in terms of wealth, you tend to be much less risk-averse.
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It's very easy for trusted companies to mislead naive customers, and life insurance companies are trusted.
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We don't see very far in the future, we are very focused on one idea at a time, one problem at a time, and all these are incompatible with rationality as economic theory assumes it.
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We have associations to things. We have, you know, we have associations to tables and to - and to dogs and to cats and to Harvard professors, and that's the way the mind works. It's an association machine.
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My interest in well-being evolved from my interest in decision making - from raising the question of whether people know what they will want in the future and whether the things that people want for themselves will make them happy.
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The idea that you can ask one question and it makes the point - well, that wasn't how psychology was done at the time.
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People should be conscious of the large contribution made by anything that gets people together easily in the reduction of loneliness and emotional well-being.
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You're surprised by something, but you don't really know what surprised you; you recognize someone, but you don't really know what cues cause you to recognize that person.
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The average investor's return is significantly lower than market indices due primarily to market timing.
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We're generally overconfident in our opinions and our impressions and judgments.
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People's mood is really determined primarily by their genetic make-up and personality, and in the second place by their immediate context, and only in the third and fourth place by worries and concerns and other things like that.
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We have no reason to expect the quality of intuition to improve with the importance of the problem. Perhaps the contrary: high-stake problems are likely to involve powerful emotions and strong impulses to action.
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Friends are sometimes a big help when they share your feelings. In the context of decisions, the friends who will serve you best are those who understand your feelings but are not overly impressed by them.
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Unless there is an obvious reason to do otherwise, most of use passively accept decision problems as they are framed and therefore rarely have an opportunity to discover the extent to which our preferences are frame-bound rather than reality-bound.
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Except for some effects that I attribute mostly to age, my intuitive thinking is just as prone to overconfidence, extreme predictions, and the planning fallacy as it was before I made a study of these issues.