Loss Aversion
“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...
Tagged: Amos Tversky
The Anchoring Effect: Relying on evidence at immediate reach
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...
Richard H. Thaler: a symbol for behavioral economics
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...
Daniel Kahneman
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...
