In strategic decisions, I'd be really concerned about overconfidence.

Overconfidence is a powerful source of illusions, primarily determined by the quality and coherence of the story that you can construct, not by its validity.

My interest in well-being evolved from my interest in decision making - from raising the question of whether people know what they will want in the future and whether the things that people want for themselves will make them happy.

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.

Mental effort, I would argue, is relatively rare. Most of the time we coast.

When people think of the outcomes of their decisions, they think much more short term than that. They think in terms of gains and losses.

You should not take your intuitions at face value.