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It's nonsense to say money doesn't buy happiness, but people exaggerate the extent to which more money can buy more happiness.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Doesn
Money
People
Exaggerate
Extent
Nonsense
Happiness

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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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When you look at the books about well-being, you see one word - it's happiness. People do not distinguish.
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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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Money does not buy you happiness, but lack of money certainly buys you misery.
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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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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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I enjoy being active, but I look forward to the day when I can retire to the Internet.
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In essence, the optimistic style involves taking credit for successes but little blame for failures.
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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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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.
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