you know you have made a theoretical advance when you can no longer reconstruct why you failed for so long to see the obvious.
Daniel KahnemanPolicy makers, like most people, normally feel that they already know all the psychology and all the sociology they are likely to need for their decisions. I don't think they are right, but that's the way it is.
Daniel KahnemanUnfortunately, 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.
Daniel KahnemanEconomists think about what people ought to do. Psychologists watch what they actually do.
Daniel Kahneman