Quote

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.

Daniel Kahneman

Change background

T
T
T

Change font

TAGS & TOPICS

Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Cases
Assume
Best
Planning
Better
Assuming
Even
Plan
Scenario
Make
Case
Fallacy
Follow
Scenarios
Usually
Outcome
Plans
Outcomes

More quotes by Daniel Kahneman

Image
People exaggerate their confidence in their plans - something we call the planning fallacy... The existence of the plan tends to induce overconfidence.
Daniel Kahneman
Image
Most people are highly optimistic most of the time.
Daniel Kahneman
Image
... 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.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
Daniel Kahneman
Image
Adaptation seems to be, to a substantial extent, a process of reallocating your attention.
Daniel Kahneman
Image
The concept of happiness has to be reorganised.
Daniel Kahneman
Image
The easiest way to increase happiness is to control your use of time.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
The most effortful forms of slow thinking are those that require you to think fast.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
Daniel Kahneman
Image
Survival prospects are poor for an animal that is not suspicious of novelty.
Daniel Kahneman
Image
My interest in well-being evolved from my interest in decision making - from raising the question of whether people know what they will want in the future and whether the things that people want for themselves will make them happy.
Daniel Kahneman
Image
Political columnists and sports pundits are rewarded for being overconfident.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
A large portion of the weekend effects is explained by differences in the amount of time spent with friends or family between weekends and weekdays.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.
Daniel Kahneman