Daniel Kahneman Quotes About Loss
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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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A person who has not made peace with his losses is likely to accept gambles that would be unacceptable to him otherwise.
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Negotiations over a shrinking pie are especially difficult because they require an allocation of losses. People tend to be much more easygoing when they bargain over an expanding pie.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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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.
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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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