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Employers who violate rules of fairness are punished by reduced productivity, and merchants who follow unfair pricing policies can expect to lose sales.
Daniel Kahneman
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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Unfair
Violate
Policies
Merchants
Rules
Punished
Expect
Sales
Follow
Employers
Policy
Reduced
Lose
Fairness
Loses
Productivity
Pricing
More quotes by Daniel Kahneman
The effort invested in 'getting it right' should be commensurate with the importance of the decision.
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If you're going to be unreligious, it's likely going to be due to reflecting on it and finding some things that are hard to believe.
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So your emotional state really has a lot to do with what you're thinking about and what you're paying attention to.
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The amount of success it takes for leaders to become overconfident isn't terribly large.
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Many people will admit that they made a mistake [putting money in dot-coms or telecoms at their peak] But that doesn’t mean that they’ve changed their mind about anything in particular. It doesn’t mean that they are now able to avoid that mistake.
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Political columnists and sports pundits are rewarded for being overconfident.
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There are domains in which expertise is not possible. Stock picking is a good example. And in long-term political strategic forecasting, it's been shown that experts are just not better than a dice-throwing monkey.
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You should not take your intuitions at face value.
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There's a very good reason for why economics developed the way it did, and that is that in many situations, the assumption that people will exploit the opportunities available to them is very plausible, and it simplifies the analysis of how markets will behave.
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One thing we have lost, that we had in the past, is a sense of progress, that things are getting better. There is a sense of volatility, but not of progress.
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Researchers who studied a thousand Dutch vacationers concluded that by far the greatest amount of happiness extracted from the vacation is derived from the anticipation period.
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Establish a closing ritual. Know when to stop working. Try to end each work day the same way, too. Straighten up your desk. Back up your computer. Make a list of what you need to do tomorrow.
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Below an income of ... $60,000 a year, people are unhappy, and they get progressively unhappier the poorer they get. Above that, we get an absolutely flat line. ... Money does not buy you experiential happiness, but lack of money certainly buys you misery.
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We can be blind to the obvious, and we are also blind to our blindness.
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Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.
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Poverty is clearly one source of emotional suffering, but there are others, like loneliness. A policy to reduce the loneliness of the elderly would certainly reduce suffering.
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I used to hold a unitary view, in which I proposed that only experienced happiness matters, and that life satisfaction is a fallible estimate of true happiness.
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If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It's the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you'll be miserable.
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There are some conditions where you have to trust your intuition.
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People are really happier with friends than they are with their families or their spouse or their child.
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