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Quote by Daniel Kahneman

“When everybody in a group is susceptible to similar biases, groups are inferior to individuals, because groups tend to be more extreme than individuals.”

Quote by Daniel Kahneman

Author

Daniel Kahneman

Daniel Kahneman is a renowned psychologist known for his work in behavioral economics and decision theory. Born on March 5, 1934, he is of Israeli descent and has worked and studied in Israel, the United States, and Canada. Kahneman's research has had a profound impact on modern economics, psychology, and business decision-making. more

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“Doubts are suppressed by groups... But remember that the internal incentives that shape how the group perceives risks and rewards may be very different from the reality of the risks and rewards in the external marketplace. Those incentives can distort risk perception.”

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“The process by which banks create money is so simple that the mind is repelled.”

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Book:Money: Whence It Came, Where It Went

Source: Money: Whence It Came, Where It Went

“What happens with fear is that probability doesn't matter very much. That is, once I have raised the possibility that something terrible can happen to your child, even though the possibility is remote, you may find it very difficult to think of anything else. Emotion becomes dominant.”

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“We associate leadership with decisiveness. That perception of leadership pushes people to make decisions fairly quickly, lest they be seen as dithering and indecisive.”

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“One of the major biases in risky decision making is optimism. Optimism is a source of high-risk thinking.”

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“A plan is only a scenario, and almost by definition, it is optimistic... As a result, scenario planning can lead to a serious underestimate of the risk of failure.”

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“People assign much higher probability to the truth of their opinions than is warranted.”

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“The perfection of an art consists in the employment of a comprehensive system of laws, commensurate to every purpose within its scope, but concealed from the eye of the spectator; and in the production of effects that seem to flow forth spontaneously, as though uncontrolled by their influence, and which are equally excellent, whether regarded individually, or in reference to the proposed result.”

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Source: The Book of Nature: From the Last London Ed., to which is Now Prefixed, a Sketch of the Author's Life