Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.

Lucky risk takers use hindsight to reinforce their feeling that their gut is very wise. Hindsight also reinforces others' trust in that individual's gut.

The idea that you can ask one question and it makes the point - well, that wasn't how psychology was done at the time.

When you analyze happiness, it turns out that the way you spend your time is extremely important.

Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.

Mood evidently affects the operation of System 1: when we are uncomfortable and unhappy, we lose touch with our intuition. These findings add to the growing evidence that good mood, intuition, creativity, gullibility, and increased reliance on System 1 form a cluster. At the other pole, sadness, vigilance, suspicion, an analytic approach, and increased effort also go together. A happy mood loosens the control of System 2 over performance: when in a good mood, people become more intuitive and more creative but also less vigilant and more prone to logical errors.

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.