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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.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Persons
Losses
Person
Gamble
Made
Likely
Would
Otherwise
Accept
Loss
Accepting
Gambles
Peace
Unacceptable

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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.
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People just hate the idea of losing. Any loss, even a small one, is just so terrible to contemplate that they compensate by buying insurance, including totally absurd policies like air travel.
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You're surprised by something, but you don't really know what surprised you you recognize someone, but you don't really know what cues cause you to recognize that person.
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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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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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It is only a slight exaggeration to say that happiness is the experience of spending time with people you love and who love you.
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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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We are far too willing to reject the belief that much of what we see in life is random.
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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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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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We can't live in a state of perpetual doubt, so we make up the best story possible and we live as if the story were true.
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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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Experts don't know exactly where the boundaries of their expertise are.
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If individuals are rational, there is no need to protect them against their own choices.
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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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Intelligence is not only the ability to reason it is also the ability to find relevant material in memory and to deploy attention when needed.
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The premise of this book is that it is easier to recognize other people's mistakes than your own.
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Psychologists really aim to be scientists, white-coat stuff, with elaborate statistics, running experiments.
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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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This is the essence of intuitive heuristics: when faced with a difficult question, we often answer an easier one instead, usually without noticing the substitution.
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