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" Economists think about what people ought to do. Psychologists watch what they actually do. "

Daniel Kahneman

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" We're beautiful devices. The devices work well; we're all experts in what we do. But when the mechanism fails, those failures can tell you a lot about how the mind works. "

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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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" There's a lot of randomness in the decisions that people make. "

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" 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. "

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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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" Alternative descriptions of the same reality evoke different emotions and different associations. "

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" People's mood is really determined primarily by their genetic make-up and personality, and in the second place by their immediate context, and only in the third and fourth place by worries and concerns and other things like that. "

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" All of us roughly know what memory is. I mean, memory is sort of the storage of the past. It's the storage of our personal experiences. It's a very big deal. "

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" 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. "

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" It's a wonderful thing to be optimistic. It keeps you healthy and it keeps you resilient. "

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" People who know math understand what other mortals understand, but other mortals do not understand them. This asymmetry gives them a presumption of superior ability. "

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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. "

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" We think, each of us, that we're much more rational than we are. And we think that we make our decisions because we have good reasons to make them. Even when it's the other way around. We believe in the reasons, because we've already made the decision. "

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" The planning fallacy is that you make a plan, which is usually a best-case scenario. Then you assume that the outcome will follow your plan, even when you should know better. "

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" 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. "

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" We're generally overconfident in our opinions and our impressions and judgments. "

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