“In trying to make sense of this pessimism, Ridley, like Kahneman, sees a combination of cognitive biases and evolutionary psychology as the core of the problem. He fingers loss aversion—a tendency for people to regret a loss more than a similar gain—as the bias with the most impact on abundance....
In many situations, people make estimates by starting from an initial value that is adjusted to yield the final answer. The initial value, or starting point, may be suggested by the formulation of the problem, or it may be the result of a partial computation. In either case, adjustments...
Richard H. Thaler was born in New Jersey in 1945. He attended Case Western Reserve University and received his bachelor degree in economics in 1967. He continued his studies and got a masters in economics from University of Rochester. Thaler also received his PhD in 1974 in economics from the...
Although we always assume, or at least used to assume, that people make rational choices and show reasonable behavior in everyday life situations, the truth begs to differ. Daniel Kahneman is one of the reasons that we know about all this. He is truly one of the leaders in experimental...
