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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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If you can't take the time for a vacation right now, or even a night out with friends, put something on the calendar - even if it's a month or a year down the road. Then whenever you need a boost of happiness, remind yourself about it.
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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.
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Some memories come with a very compelling sense of truth about them. And that happens to be the case even with memories that are not true.
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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.
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The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
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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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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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When everybody in a group is susceptible to similar biases, groups are inferior to individuals, because groups tend to be more extreme than individuals.
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Most things that couples disagree upon aren't worth more than a day's combat.
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We have associations to things. We have, you know, we have associations to tables and to - and to dogs and to cats and to Harvard professors, and that's the way the mind works. It's an association machine.
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We have no reason to expect the quality of intuition to improve with the importance of the problem. Perhaps the contrary: high-stake problems are likely to involve powerful emotions and strong impulses to action.
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Most of the moments of our life - and I calculated, you know, the psychological present is said to be about three seconds long that means that, you know, in a life there are about 600 million of them in a month, there are about 600,000 - most of them don't leave a trace.
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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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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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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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Hindsight bias makes surprises vanish.
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In essence, the optimistic style involves taking credit for successes but little blame for failures.
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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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Doubting what you see is a very odd experience. And doubting what you remember is a little less odd than doubting what you see. But it's also a pretty odd experience, because some memories come with a very compelling sense of truth about them, and that happens to be the case even for memories that are not true.
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