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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
Expect
Sales
Follow
Employers
Policy
Reduced
Lose
Fairness
Loses
Productivity
Pricing
Unfair
Violate
Policies
Merchants
Rules
Punished
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What happens with fear is that probability doesn't matter very much. That is, once I have raised the possibility that something terrible can happen to your child, even though the possibility is remote, you may find it very difficult to think of anything else. Emotion becomes dominant.
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Intuitive diagnosis is reliable when people have a lot of relevant feedback. But people are very often willing to make intuitive diagnoses even when they're very likely to be wrong.
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All of us would be better investors if we just made fewer decisions.
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The effort invested in 'getting it right' should be commensurate with the importance of the decision.
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