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Courage is willingness to take the risk once you know the odds. Optimistic overconfidence means you are taking the risk because you don't know the odds. It's a big difference.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Mean
Courage
Difference
Taking
Risk
Differences
Bigs
Odds
Means
Willingness
Take
Optimistic

More quotes by Daniel Kahneman

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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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An investment said to have an 80% chance of success sounds far more attractive than one with a 20% chance of failure. The mind can't easily recognize that they are the same.
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If individuals are rational, there is no need to protect them against their own choices.
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Optimistic people play a disproportionate role in shaping our lives. Their decisions make a difference they are inventors, entrepreneurs, political and military leaders - not average people. They got to where they are by seeking challenges and taking risks.
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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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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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Money does not buy you happiness, but lack of money certainly buys you misery.
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Alternative descriptions of the same reality evoke different emotions and different associations.
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We're generally overconfident in our opinions and our impressions and judgments.
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... sometimes when you are asked a question that is difficult, the mind doesn't stay silent if it doesn't have the answer. The mind produces something, and what it produces very characteristically is the answer to an easier but related question.
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The easiest way to increase happiness is to control your use of time.
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We can be blind to the obvious, and we are also blind to our blindness.
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Psychologists really aim to be scientists, white-coat stuff, with elaborate statistics, running experiments.
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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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Slow thinking has the feeling of something you do. It's deliberate.
Daniel Kahneman
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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.
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People talk of the new economy and of reinventing themselves in the workplace, and in that sense most of us are less secure.
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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 illusion that we understand the past fosters overconfidence in our ability to predict the future.
Daniel Kahneman
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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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