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Researchers who studied a thousand Dutch vacationers concluded that by far the greatest amount of happiness extracted from the vacation is derived from the anticipation period.
Daniel Kahneman
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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Period
Extracted
Periods
Concluded
Thousand
Dutch
Amount
Researchers
Greatest
Derived
Happiness
Anticipation
Studied
Vacation
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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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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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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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People exaggerate their confidence in their plans - something we call the planning fallacy... The existence of the plan tends to induce overconfidence.
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Acquisition of skills requires a regular environment, an adequate opportunity to practice, and rapid and unequivocal feedback about the correctness of thoughts and actions.
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Below an income of ... $60,000 a year, people are unhappy, and they get progressively unhappier the poorer they get. Above that, we get an absolutely flat line. ... Money does not buy you experiential happiness, but lack of money certainly buys you misery.
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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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Hindsight bias makes surprises vanish.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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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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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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People should be conscious of the large contribution made by anything that gets people together easily in the reduction of loneliness and emotional well-being.
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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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Question: So investors shouldn't delude themselves about beating the market? Answer: They're just not going to do it. It's just not going to happen.
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Groups tend to be more extreme than individuals.
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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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If you're going to be unreligious, it's likely going to be due to reflecting on it and finding some things that are hard to believe.
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I'm not a great believer in self-help.
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Money does not buy you happiness, but lack of money certainly buys you misery.
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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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