The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.

It is only a slight exaggeration to say that happiness is the experience of spending time with people you love and who love you.

The concept of happiness has to be reorganised.

The planning fallacy is that you make a plan, which is usually a best-case scenario. Then you assume that the outcome will follow your plan, even when you should know better.

One emphasis of my research has been on the question of how people spend their time. Time is the ultimate finite resource, or course, so the question of how people spend it would seem to be important.

Political columnists and sports pundits are rewarded for being overconfident.

Finally, the illusions of validity and skill are supported by a powerful professional culture. We know that people can maintain an unshakeable faith in any proposition, however absurd, when they are sustained by a community of like-minded believers. Given the professional culture of the financial community, it is not surprising that large numbers of individuals in that world believe themselves to be among the chosen few who can do what they believe others cannot.