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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.
Daniel Kahneman
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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Policy
Absurd
Small
Totally
Idea
Including
Compensate
Hate
Air
Contemplate
Ideas
Travel
Contemplating
Even
Losing
Insurance
Like
Loss
Policies
People
Terrible
Buying
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Intelligence is not only the ability to reason it is also the ability to find relevant material in memory and to deploy attention when needed.
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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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I have always emphasized the willingness to discard.
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Intuitive diagnosis is reliable when people have a lot of relevant feedback. But people are very often willing to make intuitive diagnoses even when they're very likely to be wrong.
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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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The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
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The illusion that we understand the past fosters overconfidence in our ability to predict the future.
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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.
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So your emotional state really has a lot to do with what you're thinking about and what you're paying attention to.
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People who are cognitively busy are also more likely to make selfish choices, use sexist language, and make superficial judgments in social situations.
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Employers who violate rules of fairness are punished by reduced productivity, and merchants who follow unfair pricing policies can expect to lose sales.
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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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Experts don't know exactly where the boundaries of their expertise are.
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If people can construct a simple and coherent story, they will feel confident regardless of how well grounded it is in reality.
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