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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Loss
Aversion
Contribution
Psychology
Concept
Economics
Significant
Concepts
Certainly
Behavioral

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People are very good [at] thinking about agents. The mind is set really beautifully to think about agents. Agents have traits. Agents have behaviors. We understand agents. We form global impression of their personalities. We are really not very good at remembering sentences where the subject of the sentence is an abstract notion.
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Adaptation seems to be, to a substantial extent, a process of reallocating your attention.
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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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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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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.
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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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Optimistic people play a disproportionate role in shaping our lives. Their decisions make a difference they are inventors, entrepreneurs, political and military leaders - not average people. They got to where they are by seeking challenges and taking risks.
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Most things that couples disagree upon aren't worth more than a day's combat.
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After a crisis we tell ourselves we understand why it happened and maintain the illusion that the world is understandable. In fact, we should accept the world is incomprehensible much of the time.
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Alternative descriptions of the same reality evoke different emotions and different associations.
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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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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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Most people are highly optimistic most of the time.
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In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer ideas.
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The dominance of conclusions over arguments is most pronounced where emotions are involved.
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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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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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We can be blind to the obvious, and we are also blind to our blindness.
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In essence, the optimistic style involves taking credit for successes but little blame for failures.
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It's clear that policymakers and economists are going to be interested in the measurement of well-being primarily as it correlates with health they also want to know whether researchers can validate subjective responses with physiological indices.
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