Sublime

When a trio of psychologists conducted a comprehensive review of thirty-three studies, they found that in every one, the majority of answer revisions were from wrong to right. This phenomenon is known as the first-instinct fallacy.

The different choices in the two frames fit prospect theory, in which choices between gambles and sure things are resolved differently, depending on whether the outcomes are good or bad. Decision makers tend to prefer the sure thing over the gamble (they are risk averse) when the outcomes are good. They tend to reject the sure thing and accept the

rational agents, why don't all of them invest in stocks? Why are low-yield bonds so popular? In 1995, the behavioral economists Richard Thaler and Shlomo Benartzi realized that the key to solving the premium equity puzzle was loss aversion. Investors buy bonds because they hate losing money, and bonds are a safe bet. Instead of making financial dec

The second discovery of psychologists (including the Nobel Prize-winning Daniel Kahneman) is that people are often surprisingly bad judges of what will make them happy.14

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