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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.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Many
Analysis
Exploit
Way
Behave
Plausible
Good
Opportunities
Exploits
People
Economics
Simplify
Available
Markets
Situation
Assumption
Opportunity
Situations
Reason
Developed
Simplifies

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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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So your emotional state really has a lot to do with what you're thinking about and what you're paying attention to.
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True intuitive expertise is learned from prolonged experience with good feedback on mistakes.
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You should not take your intuitions at face value.
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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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We are very influenced by completely automatic things that we have no control over, and we don't know we're doing it.
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The brain scientists are the wave of the future in the financial world. If you seek to maximize understanding, whether you're in academia or in the investment community, you'd better pay serious attention to them.
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A person who has not made peace with his losses is likely to accept gambles that would be unacceptable to him otherwise.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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If you're going to be unreligious, it's likely going to be due to reflecting on it and finding some things that are hard to believe.
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I have always emphasized the willingness to discard.
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Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.
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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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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.
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People are really happier with friends than they are with their families or their spouse or their child.
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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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Friends are sometimes a big help when they share your feelings. In the context of decisions, the friends who will serve you best are those who understand your feelings but are not overly impressed by them.
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Each additional day together is a gift. The end of the day means the end of hostilities, the recognition that the underlying shared values and commitment to the relationship trump the need for one last dig or self-righteous justification.
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When people believe a conclusion is true, they are also very likely to believe arguments that appear to support it, even when these arguments are unsound.
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People who are cognitively busy are also more likely to make selfish choices, use sexist language, and make superficial judgments in social situations.
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