Mental Accounting Quotes

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

I practice what has come to be called behavioral economics.

I love Richard Thaler's 'Quasi Rational Economics.' A collection of some of his most interesting and inventive essays, the real foundation of behavioral economics.

The lesson of my field, behavioral economics, is that we need to understand the ways in which we differ from the rational human assumed in standard economic theory.

There are no safeguards that can protect the emotional investor from himself.

I think one of the major results of the psychology of decision making is that people's attitudes and feelings about losses and gains are really not symmetric. So we really feel more pain when we lose $10,000 than we feel pleasure when we get $10,000.

Humans are hard-wired to be irrational when it comes to financial decisions. We must understand that so we don't become the sucker at the poker table.

Often on a wet day I begin counting up; what I've read; what I haven't read.