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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
Ideas
Travel
Contemplating
Even
Losing
Insurance
Like
Loss
Policies
People
Terrible
Buying
Policy
Absurd
Small
Totally
Idea
Including
Compensate
Hate
Air
Contemplate

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It's very easy for trusted companies to mislead naive customers, and life insurance companies are trusted.
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We're generally overconfident in our opinions and our impressions and judgments.
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Experts don't know exactly where the boundaries of their expertise are.
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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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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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Managers think of themselves as captains of a ship on a stormy sea. Risk for them is danger, but they are fighting it, very controlled.
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Hindsight bias makes surprises vanish.
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Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.
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Most people are highly optimistic most of the time.
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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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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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My interest in well-being evolved from my interest in decision making - from raising the question of whether people know what they will want in the future and whether the things that people want for themselves will make them happy.
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The amount of success it takes for leaders to become overconfident isn't terribly large.
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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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Negotiations over a shrinking pie are especially difficult because they require an allocation of losses. People tend to be much more easygoing when they bargain over an expanding pie.
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People have little idea, by and large, of the investment world. They are convinced they have an advantage.
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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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I would not advise people to buy a car or house without making a list. You will probably improve your intuitions by making a list and then sleeping on it.
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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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We associate leadership with decisiveness. That perception of leadership pushes people to make decisions fairly quickly, lest they be seen as dithering and indecisive.
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