Quote

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

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
Contribution
Psychology
Concept
Economics
Significant
Concepts
Certainly
Behavioral
Loss
Aversion

More quotes by Daniel Kahneman

Image
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.
Daniel Kahneman
Image
I have always emphasized the willingness to discard.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
It is the consistency of the information that matters for a good story, not its completeness. Indeed, you will often find that knowing little makes it easier to fit everything you know into a coherent pattern.
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
The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
Daniel Kahneman
Image
Groups tend to be more extreme than individuals.
Daniel Kahneman
Image
Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.
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 premise of this book is that it is easier to recognize other people's mistakes than your own.
Daniel Kahneman
Image
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.
Daniel Kahneman
Image
We associate leadership with decisiveness. That perception of leadership pushes people to make decisions fairly quickly, lest they be seen as dithering and indecisive.
Daniel Kahneman
Image
I used to hold a unitary view, in which I proposed that only experienced happiness matters, and that life satisfaction is a fallible estimate of true happiness.
Daniel Kahneman
Image
The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even if they see little.
Daniel Kahneman
Image
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
Image
So your emotional state really has a lot to do with what you're thinking about and what you're paying attention to.
Daniel Kahneman
Image
People should be conscious of the large contribution made by anything that gets people together easily in the reduction of loneliness and emotional well-being.
Daniel Kahneman
Image
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
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
People exaggerate their confidence in their plans - something we call the planning fallacy... The existence of the plan tends to induce overconfidence.
Daniel Kahneman