Sublime

“I’m in a very good mood today, and my System 2 is weaker than usual. I should be extra careful.

The fundamental ideas of prospect theory are that reference points exist, and that losses loom larger than corresponding gains.

When they made decisions, people did not seek to maximize utility. They sought to minimize regret. As the starting point for a new theory, it sounded promising.

If you heard two notes, one for the crime and one for the punishment, you would feel a sense of injustice if one tone was much louder than the other.

Biases due to the effectiveness of a search set.

When they made decisions, people did not seek to maximize utility. They sought to minimize regret.

Democracy is inevitably messy, in part because the availability and affect heuristics that guide citizens’ beliefs and attitudes are inevitably biased, even if they generally point in the right direction. Psychology should inform the design of risk policies that combine the experts’ knowledge with the public’s emotions and intuitions.

prior probability, or base rate frequency, of the outcomes.