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People are really happier with friends than they are with their families or their spouse or their child.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Friends
Children
Really
People
Spouse
Happier
Families
Child

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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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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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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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If individuals are rational, there is no need to protect them against their own choices.
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I have always emphasized the willingness to discard.
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The planning fallacy is that you make a plan, which is usually a best-case scenario. Then you assume that the outcome will follow your plan, even when you should know better.
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Alternative descriptions of the same reality evoke different emotions and different associations.
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The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
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Overconfidence is a powerful source of illusions, primarily determined by the quality and coherence of the story that you can construct, not by its validity.
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The illusion that we understand the past fosters overconfidence in our ability to predict the future.
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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.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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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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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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The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even if they see little.
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The effort invested in 'getting it right' should be commensurate with the importance of the decision.
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Question: So investors shouldn't delude themselves about beating the market? Answer: They're just not going to do it. It's just not going to happen.
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People have little idea, by and large, of the investment world. They are convinced they have an advantage.
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Through some combination of culture and biology, our minds are intuitively receptive to religion.
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It is the consistency of the information that matters for a good story, not its completeness. Indeed, you will often find that knowing little makes it easier to fit everything you know into a coherent pattern.
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