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The effort invested in 'getting it right' should be commensurate with the importance of the decision.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Commensurate
Invested
Importance
Decision
Effort
Getting
Right

More quotes by Daniel Kahneman

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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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A general limitation of the human mind is its imperfect ability to reconstruct past states of knowledge, or beliefs that have changed. Once you adopt a new view of the world (or any part of it), you immediately lose much of your ability to recall what you used to believe before your mind changed.
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You should not take your intuitions at face value.
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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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There is a huge wave of interest in happiness among researchers. There is a lot of happiness coaching. Everybody would like to make people happier.
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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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The confidence people have in their beliefs is not a measure of the quality of evidence but of the coherence of the story the mind has managed to construct.
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We are far too willing to reject the belief that much of what we see in life is random.
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This is the essence of intuitive heuristics: when faced with a difficult question, we often answer an easier one instead, usually without noticing the substitution.
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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.
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When you look at the books about well-being, you see one word - it's happiness. People do not distinguish.
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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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It's clear that policymakers and economists are going to be interested in the measurement of well-being primarily as it correlates with health they also want to know whether researchers can validate subjective responses with physiological indices.
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Most of the moments of our life - and I calculated, you know, the psychological present is said to be about three seconds long that means that, you know, in a life there are about 600 million of them in a month, there are about 600,000 - most of them don't leave a trace.
Daniel Kahneman
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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.
Daniel Kahneman
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I have always emphasized the willingness to discard.
Daniel Kahneman
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Individual investors predictably flock to stocks in companies that are in the news.
Daniel Kahneman
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Managers think of themselves as captains of a ship on a stormy sea. Risk for them is danger, but they are fighting it, very controlled.
Daniel Kahneman
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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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I would not advise people to buy a car or house without making a list. You will probably improve your intuitions by making a list and then sleeping on it.
Daniel Kahneman