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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
Certainly
Behavioral
Loss
Aversion
Contribution
Psychology
Concept
Economics
Significant
Concepts
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Adaptation seems to be, to a substantial extent, a process of reallocating your attention.
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When action is needed, optimism, even of the mildly delusional variety, may be a good thing.
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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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An individual who expresses high confidence probably has a good story, which may or may not be true.
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The amount of success it takes for leaders to become overconfident isn't terribly large.
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Except for some effects that I attribute mostly to age, my intuitive thinking is just as prone to overconfidence, extreme predictions, and the planning fallacy as it was before I made a study of these issues.
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Experts don't know exactly where the boundaries of their expertise are.
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The concept of happiness has to be reorganised.
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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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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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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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There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.
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People like leaders who look like they are dominant, optimistic, friendly to their friends, and quick on the trigger when it comes to enemies. They like boldness and despise the appearance of timidity and protracted doubt.
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Survival prospects are poor for an animal that is not suspicious of novelty.
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True intuitive expertise is learned from prolonged experience with good feedback on mistakes.
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Researchers who studied a thousand Dutch vacationers concluded that by far the greatest amount of happiness extracted from the vacation is derived from the anticipation period.
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Money does not buy you happiness, but lack of money certainly buys you misery.
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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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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.
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