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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.
Daniel Kahneman
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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Relevant
Likely
Willing
Wrong
Diagnoses
Often
Diagnosis
Even
Reliable
Make
Feedback
People
Intuitive
More quotes by Daniel Kahneman
Policy makers, like most people, normally feel that they already know all the psychology and all the sociology they are likely to need for their decisions. I don't think they are right, but that's the way it is.
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Experienced happiness refers to your feelings, to how happy you are as you live your life. In contrast, the satisfaction of the remembering self refers to your feelings when you think about your life.
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Money does not buy you happiness, but lack of money certainly buys you misery.
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When people think of the outcomes of their decisions, they think much more short term than that. They think in terms of gains and losses.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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One thing we have lost, that we had in the past, is a sense of progress, that things are getting better. There is a sense of volatility, but not of progress.
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I'm not a great believer in self-help.
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The most effortful forms of slow thinking are those that require you to think fast.
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It's very easy for trusted companies to mislead naive customers, and life insurance companies are trusted.
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Most successful pundits are selected for being opinionated, because it's interesting, and the penalties for incorrect predictions are negligible. You can make predictions, and a year later people won't remember them.
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All of us roughly know what memory is. I mean, memory is sort of the storage of the past. It's the storage of our personal experiences. It's a very big deal.
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Slow thinking has the feeling of something you do. It's deliberate.
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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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If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It's the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you'll be miserable.
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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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In essence, the optimistic style involves taking credit for successes but little blame for failures.
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We can be blind to the obvious, and we are also blind to our blindness.
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Divorced women, compared to married women, are less satisfied with their lives, which is not surprising. But they're actually more cheerful, when you look at the average mood they're in in the course of the day.
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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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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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