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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
Lose
Fairness
Loses
Productivity
Pricing
Unfair
Violate
Policies
Merchants
Rules
Punished
Expect
Sales
Follow
Employers
Policy
Reduced
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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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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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There are some conditions where you have to trust your intuition.
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The concept of happiness has to be reorganised.
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After a crisis we tell ourselves we understand why it happened and maintain the illusion that the world is understandable. In fact, we should accept the world is incomprehensible much of the time.
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Some memories come with a very compelling sense of truth about them. And that happens to be the case even with memories that are not true.
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People exaggerate their confidence in their plans - something we call the planning fallacy... The existence of the plan tends to induce overconfidence.
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In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer ideas.
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If you can't take the time for a vacation right now, or even a night out with friends, put something on the calendar - even if it's a month or a year down the road. Then whenever you need a boost of happiness, remind yourself about it.
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Most things that couples disagree upon aren't worth more than a day's combat.
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If people can construct a simple and coherent story, they will feel confident regardless of how well grounded it is in reality.
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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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A person who has not made peace with his losses is likely to accept gambles that would be unacceptable to him otherwise.
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In essence, the optimistic style involves taking credit for successes but little blame for failures.
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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.
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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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