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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.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Way
Policy
Think
Already
Decision
Sociology
Thinking
Need
Normally
Like
Right
Makers
People
Feel
Psychology
Feels
Likely
Needs
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I have always emphasized the willingness to discard.
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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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By their very nature, heuristic shortcuts will produce biases, and that is true for both humans and artificial intelligence, but the heuristics of AI are not necessarily the human ones.
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All of us would be better investors if we just made fewer decisions.
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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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It doesn't take many observations to think you've spotted a trend, and it's probably not a trend at all.
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Our memory tells us stories, that is, what we get to keep from our experiences is a story.
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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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You are more likely to learn something by finding surprises in your own behavior than by hearing surprising facts about people in general.
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Establish a closing ritual. Know when to stop working. Try to end each work day the same way, too. Straighten up your desk. Back up your computer. Make a list of what you need to do tomorrow.
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There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.
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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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Slow thinking has the feeling of something you do. It's deliberate.
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The concept of happiness has to be reorganised.
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The most effortful forms of slow thinking are those that require you to think fast.
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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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Often, the most enjoyable part of an activity is the anticipation.
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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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Acquisition of skills requires a regular environment, an adequate opportunity to practice, and rapid and unequivocal feedback about the correctness of thoughts and actions.
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