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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.
Daniel Kahneman
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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Groups
Inferiors
Extreme
Everybody
Similar
Individual
Extremes
Clubs
Individuals
Biases
Tend
Susceptible
Group
Inferior
More quotes by Daniel Kahneman
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.
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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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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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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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Individual investors predictably flock to stocks in companies that are in the news.
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You should not take your intuitions at face value.
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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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The amount of success it takes for leaders to become overconfident isn't terribly large.
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I have always emphasized the willingness to discard.
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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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... 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.
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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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That's one of the real dangers of leader selection in many organizations: leaders are selected for overconfidence.
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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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This is the essence of intuitive heuristics: when faced with a difficult question, we often answer an easier one instead, usually without noticing the substitution.
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An investment said to have an 80% chance of success sounds far more attractive than one with a 20% chance of failure. The mind can't easily recognize that they are the same.
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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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Many people will admit that they made a mistake [putting money in dot-coms or telecoms at their peak] But that doesn’t mean that they’ve changed their mind about anything in particular. It doesn’t mean that they are now able to avoid that mistake.
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Slow thinking has the feeling of something you do. It's deliberate.
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