Daniel Kahneman
Daniel Kahneman
Daniel Kahnemanis an Israeli-American psychologist notable for his work on the psychology of judgment and decision-making, as well as behavioral economics, for which he was awarded the 2002 Nobel Memorial Prize in Economic Sciences. His empirical findings challenge the assumption of human rationality prevailing in modern economic theory...
NationalityIsraeli
ProfessionPsychologist
Date of Birth5 March 1934
CountryIsrael
feelings determined family-relationship
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.
strong people first-impression
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.
successful knowing luck
Knowing the importance of luck, you should be particularly suspicious when highly consistent patterns emerge from the comparison of successful and less successful firms. In the presence of randomness, regular patterns can only be mirages.
wall long investing
You should expect little or nothing from Wall Street stock pickers who hope to be more accurate than the market in predicting the future of prices. And you should not expect much from pundits making long-term forecasts.
powerful believe skills
Finally, the illusions of validity and skill are supported by a powerful professional culture. We know that people can maintain an unshakeable faith in any proposition, however absurd, when they are sustained by a community of like-minded believers. Given the professional culture of the financial community, it is not surprising that large numbers of individuals in that world believe themselves to be among the chosen few who can do what they believe others cannot.
ignorance successful skills
Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.
agreement games investing
There is general agreement among researchers that nearly all stock pickers, whether they know it or not-and few of them do-are playing a game of chance.
answers investing investors
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."
money ideas people
People have little idea, by and large, of the investment world. They are convinced they have an advantage.
thinking people personality
People are very good [at] thinking about agents. The mind is set really beautifully to think about agents. Agents have traits. Agents have behaviors. We understand agents. We form global impression of their personalities. We are really not very good at remembering sentences where the subject of the sentence is an abstract notion.
memories cases compelling
Some memories come with a very compelling sense of truth about them. And that happens to be the case even with memories that are not true.
concepts
The concept of happiness has to be reorganised.
emotional errors people
To better avoid errors, you should talk to people who disagree with you and you should talk to people who are not in the same emotional situation you are.
hate loss air
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.