Daniel Kahneman

I think one of the major results of the psychology of decision making is that people’s attitudes and feelings about losses and gains are really not symmetric. So we really feel more pain when we lose $10,000 than we feel pleasure when we get $10,000
The brains of humans contain a mechanism that is designed to give priority to bad news
We think, each of us, that we’re much more rational than we are
If individuals are rational, there is no need to protect them against their own choices
There are domains in which expertise is not possible. Stock picking is a good example. And in long-term political strategic forecasting, it’s been shown that experts are just not better than a dice-throwing monkey
We’re generally overconfident in our opinions and our impressions and judgments
Happiness is determined by factors like your health, your family relationships and friendships, and above all by feeling that you are in control of how you spend your time
The easiest way to increase happiness is to control your use of time. Can you find more time to do the things you enjoy doing ?
When in a good mood, people become more intuitive and more creative but also less vigilant and more prone to logical errors
True intuitive expertise is learned from prolonged experience with good feedback on mistakes
Most of the time, we think fast. And most of the time we’re really expert at what we’re doing, and most of the time, what we do is right (except is stock picking)
The illusion that we understand the past fosters overconfidence in our ability to predict the future
We have a very narrow view of what is going on
It’s a wonderful thing to be optimistic. It keeps you healthy and it keeps you resilient
Optimism is normal, but some fortunate people are more optimistic than the rest of us. If you are genetically endowed with an optimistic bias, you hardly need to be told that you are a lucky person – you already feel fortunate
Optimistic people play a disproportionate role in shaping our lives. Their decisions make a difference; they are inventors, entrepreneurs, political and military leaders – not average people. They got to where they are by seeking challenges and taking risks
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
It was always assumed I would be a professor. I grew up thinking it.
If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It’s the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you’ll be miserable
The average investor’s return is significantly lower than market indices due primarily to market timing
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
There’s a lot of randomness in the decisions that people make
Mood evidently affects the operation of System 1: when we are uncomfortable and unhappy, we lose touch with our intuition
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
Money does not buy you happiness, but lack of money certainly buys you misery
People who face a difficult question often answer an easier one instead, without realizing it
If people are failing, they look inept. If people are succeeding, they look strong and good and competent. That’s the ‘halo effect.’ Your first impression of a thing sets up your subsequent beliefs. If the company looks inept to you, you may assume everything else they do is inept.
You are more likely to learn something by finding surprises in your own behavior than by hearing surprising facts about people in general
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
The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even if they see little
Nothing in life is as important as you think it is, while you are thinking about it
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
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
We’re blind to our blindness. We have very little idea of how little we know. We’re not designed to know how little we know
One thing we have lost, that we had in the past, is a sense of progress that things are getting better. There is a sense of volatility, but not of progress
It’s nonsense to say money doesn’t buy happiness, but people exaggerate the extent to which more money can buy more happiness
Poverty is clearly one source of emotional suffering, but there are others, like loneliness. A policy to reduce the loneliness of the elderly would certainly reduce suffering
Many ideas happen to us. We have intuition, we have feeling, we have emotion, all of that happens, we don’t decide to do it. We don’t control it
If you care about being thought credible and intelligent, do not use complex language where simpler language will do

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