Thinking, Fast and Slow - Daniel Kahneman

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cognitive illusions; confusing experiences with memories; of pundits; of remembering; of skill; of stock-picking skill; of truth; of understanding; of validity Cognitive Reflection Test (CRT) cognitive strain Cohen, David coherence; see also associative coherence Cohn, Beruria coincidence coin-on-the-machine experiment cold-hand experiment Collins, Jim colonoscopies colostomy patients competence, judging of competition neglect complex vs. simple language concentration cogndiv height="0%"> “Conditions for Intuitive Expertise: A Failure to Disagree” (Kahneman and Klein) confidence; bias of, over doubt; overconfidence; WYSIATI (what you see is all there is) and confirmation bias conjunction fallacy conjunctive events, evaluation of “Consequences of Erudite Vernacular Utilized Irrespective of Necessity: Problems with Using Long Words Needlessly” (Oppenheimer)
contiguity in time and place control cookie experiment correlation; causation and; illusory; regression and; shared factors and correlation coefficient cost-benefit correlation costs creativity; associative memory and credibility Csikszentmihalyi, Mihaly curriculum team Damasio, Antonio dating question Dawes, Robyn Day Reconstruction Method (DRM) death: causes of; life stories and; organ donation and; reminders of Deaton, Angus decisions, decision making; broad framing in; and choice from description; and choice from experience; emotions and vividness in; expectation principle in; in gambles, see gambles; global impressions and; hindsight bias and; narrow framing in; optimistic bias in; planning fallacy and; poverty and; premortem and; reference points in; regret and; risk and, see risk assessment decision utility decision weights; overweighting; unlikely events and; in utility theory vs. prospect theory; vivid outcomes and; vivid probabilities and decorrelated errors
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A 1 E=mc 2 This eBook is provided b
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Contents Introduction Part I. Two S
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Part V. Two Selves 35. Two Selves 3
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So this is my aim for watercooler c
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participants in our experiments ign
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easy to identify a small change in
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From what we know about the accurac
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agents in classical economics and i
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Psychologists have been intensely i
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Brace for the starter gun in a race
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event is detected that violates the
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attention on a boring book, when we
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You have been invited to think of t
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Start beating a steady rhythm (or b
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main finding was that the ability t
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Another is the prefrontal area of t
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Accelerating beyond my strolling sp
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The list of indications of depletio
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answer have missed an obvious socia
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In one of the most famous experimen
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“Unfortunately, she tends to say
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notion that we have limited access
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Studies of priming effects have yie
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ox changed significantly. The poste
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strain is affected by both the curr
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legs in packages of four. System 2
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message want to stay away from anyt
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kadirga, saricik, biwonjni, nansoma
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These findings add to the growing e
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of circumstances, events, actions,
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understand that I mean a normal tab
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attributions: infants under one yea
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ut the middle items in both display
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Real evidence of generosity is miss
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This procedure makes good use of th
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WY SIATI to help explain a long and
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constantly evaluated as good or bad
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For another example, consider the q
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What level of income in your profes
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“The punishment won’t feel just
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How happy are you with your life th
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Figure 9 As printed on the page, is
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The results this time were complete
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“We are using last year’s perfo
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A study of the incidence of kidney
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Large samples are more precise than
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The message about the poll contains
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interviewing of the pilots should s
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“The sample of observations is to
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parent’s demand that it be played
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operation of System 1. Although I d
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Uses and Abuses of Anchors By now y
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“The firm we want to acquire sent
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A dramatic event temporarily increa
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instructed to contract the zygomati
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found it difficult to find eight in
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The most influential studies of ava
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Differences between experts and the
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actual damage to health appear not
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usiness administration computer sci
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You probably ranked computer scienc
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epresentativeness when we judge the
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laziness. Some people ignore base r
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“They keep making the same mistak
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In the language of this book, we ha
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Which alternative is more probable?
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Björn Borg was the dominant tennis
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information was laid out in front o
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85% of the cabs in the city are Gre
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Interest in cycling is widespread i
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not draw from base-rate information
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chosen another surprising psycholog
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officer in the room to turn his bac
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Now let us go against the time arro
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piano playing = age + weekly hours
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Our difficulties with the concept o
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“Perhaps his second interview was
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Intensity matching yields predictio
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their usual mission, which was to e
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A Defense of Extreme Predictions? I
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Perhaps the most valuable contribut
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Overconfidence The Illusion of Unde
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sentence about an intuition that tu
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Although hindsight and the outcome
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The basic message of Built to Last
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someone’s shoulders and jump acro
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In 1984, Amos and I and our friend
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Some years ago I had an unusual opp
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The idea that the future is unpredi
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Short-term trends can be forecast,
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unpredictability. We describe them
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the values to make them comparable
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Even after being informed that the
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only task was to elicit relevant fa
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Professional controversies bring ou
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Klein elaborated this description i
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Acquiring expertise in chess is har
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Feedback and Practice Some regulari
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It is difficult to reconstruct what
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within the optimistic consensus of
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about an individual case rarely fee
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The diagnosis of and the remedy for
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Seymour’s statistical summary. If
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The evidence suggests that an optim
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had failed. A common thread of bold
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The consequence of competition negl
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one’s self-image. In essence, the
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ut I can still recite its first sen
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most significant work we ever did,
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The expected value of the gamble an
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how the sure outcome differs from t
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for so long to see the obvious. Sti
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problem 4. Obviously, other example
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Loss Aversion Many of the options w
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Figure 10 shows an abrupt change in
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and the failure to acknowledge them
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Students learn in introductory econ
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Loss aversion implies only that cho
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would share a Nobel Prize many year
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The fundamental ideas of prospect t
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“He is a miser, and treats any do
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Some distinctions between good and
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Many of the messages that negotiato
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wage cut. The replacement worker ha
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The Fourfold Pattern Whenever you f
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probability leads to inconsistencie
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Table 4 You can see that the decisi
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Figure 13 The top row in each cel
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time to cut one’s losses. This is
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“We never let our vacations hang
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People overestimate the probabiliti
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depend only on probability, not on
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The new hypothesis is that there wi
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another: “1,000 Americans will di
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experiments on choice from experien
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combining the two decision problems
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You can see in the display that the
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detection. As expected, broad frami
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dollar, money is a proxy for points
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provide a strong incentive: realizi
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Regret is not the same as blame. Ot
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vaccine that is effective only befo
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with long-term consequences. Hindsi
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are absent, and of course WYSIATI.
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“How tall is John?” If John is
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the threat of skin cancer in farmwo
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As we have seen, rationality is gen
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Would you pay $5 to participate in
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thousands of such experiments, and
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If program B is adopted, there is a
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point, and they are not about the r
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large print, but the move is in the
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The term utility has had two distin
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Figure 15 When the procedure was ov
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not have a voice. The remembering s
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Other classic studies showed that e
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we want to know whether they were r
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How would this prospect affect your
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welcome in any of these situations.
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exposure to loud noise, time pressu
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The satiation level beyond which ex
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the exact question they were asked,
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didn’t get it were significantly
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thinks much about. Thoughts of any
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stories and makes choices, and neit
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The mirror image of the same bias m
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explains how a rational agent with
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The example of a regulation about t
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The way to block errors that origin
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For an illustration of judgment by
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The values in parentheses are the n
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The illusion of validity. As we hav
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elementary demonstration of this ef
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imagine than unlikely ones; and tha
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event. The chain-like structure of
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lines or pages. Thus, people do not
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W. Edwards, “Conservatism in Huma
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Daniel Kahneman and Amos Tversky AB
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Figure 1. A Hypothetical Value Func
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If Program B is adopted, there is a
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same cd Cce f pattern of results wa
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In Figure 2, decision weights are l
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attractive if it is described as ef
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making, play a role analogous to th
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disadvantages as losses. Because lo
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The concepts of utility and value a
Page 374 and 375: McNeil, B., S. Pauker, H. Sox Jr.,
Page 376 and 377: editor could do as much as Eric did
Page 378 and 379: Us (New York: Guilford Press, 1999)
Page 380 and 381: working memory: Baddeley, Working M
Page 382 and 383: think with your body: Paula M. Nied
Page 384 and 385: engaged and analytic mode: Adam L.
Page 386 and 387: descriptions of two people: Solomon
Page 388 and 389: “Assimilation and Contrast Effect
Page 390 and 391: self-assessed contributions: Michae
Page 392 and 393: always weighted more: Jonathan St.
Page 394 and 395: inequality of income (measured by s
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Page 398 and 399: moderated by an arbiter: Mellers, H
Page 400 and 401: admiration of others: Entrepreneurs
Page 402 and 403: “history of one’s wealth”: Ot
Page 404 and 405: half of the tokens will change hand
Page 406 and 407: “acceptable/unacceptable”: Jos
Page 408 and 409: Samuel R. Gross and Kent D. Syverud
Page 410 and 411: “a sinking feeling”: Marcel Zee
Page 412 and 413: one embarrassing finding: Kuhn famo
Page 414 and 415: life as a whole these days: Another
Page 416 and 417: Los Angeles, Graduate School of Edu
Page 418 and 419: The index that appeared in the prin
Page 420 and 421: availability; affect and; and aware
Page 422 and 423: oken-leg rule budget forecasts Buil
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Page 428 and 429: Epley, Nick Epstein, Seymour equal-
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Page 432 and 433: grades and grade point averages (GP
Page 434 and 435: inheritances injection puzzle In Se
Page 436 and 437: labor negotiations Lady Macbeth eff
Page 438 and 439: Mednick, Sarnoff Meehl, Paul meetin
Page 440 and 441: novelty Nudge (Thaler and Sunstein)
Page 442 and 443: t="-5%"> post-traumatic stress pove
Page 444 and 445: Rationality and the Reflective Mind
Page 446 and 447: Savage, Jimmie Save More Tomorrow S
Page 448 and 449: Steiger, James H. stereotypes; caus
Page 450 and 451: threats; possibility effect and 3-D
Page 452 and 453: wealth, see money and wealth weathe
Page 454 and 455: Grateful acknowledgment is made for
Page 457 and 458: Table of Contents Introduction 1. T
Page 459: Thank You W ant More Books? W e hop
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