Daniel Kahneman

“Banks are run by executives, and executives protect themselves, and that does not always mean that banks are going to behave rationally.”

“The test of learning psychology is whether your understanding of situations you encounter has changed, not whether you have learned a new fact.”

“If individuals are rational, there is no need to protect them against their own choices.”

“If you think in terms of major losses, because losses loom much larger than gains - that's a very well-established finding - you tend to be very risk-averse. When you think in terms of wealth, you tend to be much less risk-averse.”

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

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

“I used to hold a unitary view, in which I proposed that only experienced happiness matters, and that life satisfaction is a fallible estimate of true happiness.”

“It's nonsense to say money doesn't buy happiness, but people exaggerate the extent to which more money can buy more happiness.”

“Most successful pundits are selected for being opinionated, because it's interesting, and the penalties for incorrect predictions are negligible. You can make predictions, and a year later people won't remember them.”

“Clearly, the decision-making that we rely on in society is fallible. It's highly fallible, and we should know that.”

“Nobody would say, 'I'm voting for this guy because he's got the stronger chin,' but that, in fact, is partly what happens.”

“By their very nature, heuristic shortcuts will produce biases, and that is true for both humans and artificial intelligence, but the heuristics of AI are not necessarily the human ones.”

“Human beings cannot comprehend very large or very small numbers. It would be useful for us to acknowledge that fact.”

“When people talk of the economy being strong, they don't seem to feel that they, too, are better off.”

“There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.”

“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.”

“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.”

“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.”

“My impression is that the elimination of memories greatly reduces the value of the experience.”