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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.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
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Financial
Future
Seek
Money
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Maximize
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Brain
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More quotes by Daniel Kahneman

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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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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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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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Overconfidence is a powerful source of illusions, primarily determined by the quality and coherence of the story that you can construct, not by its validity.
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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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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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Poverty is clearly one source of emotional suffering, but there are others, like loneliness. A policy to reduce the loneliness of the elderly would certainly reduce suffering.
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I'm not a great believer in self-help.
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Political columnists and sports pundits are rewarded for being overconfident.
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There is a huge wave of interest in happiness among researchers. There is a lot of happiness coaching. Everybody would like to make people happier.
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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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We are very influenced by completely automatic things that we have no control over, and we don't know we're doing 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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Most things that couples disagree upon aren't worth more than a day's combat.
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People are really happier with friends than they are with their families or their spouse or their child.
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Often, the most enjoyable part of an activity is the anticipation.
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There are domains in which expertise is not possible. Stock picking is a good example. And in long-term political strategic forecasting, it's been shown that experts are just not better than a dice-throwing monkey.
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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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We are far too willing to reject the belief that much of what we see in life is random.
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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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