We are apprehensive about an airplane crash more than food poisoning, even though the probability of death by food poisoning is higher than an aviation crash.
We prefer to bet on a mega-million lottery than on a million jackpot, even if the probability of winning the former is way more minuscule than the latter.
The more emotional a consequence is, the more we disregard its probability of occurring.
Being pettily calculative is a good economic principle. Won’t pay the extra ten cents even if...
Most of us believe that the risk of terrorist attacks is larger than, say, motor accidents,...
You delay gratification to enjoy future reward. Be frugal now (present sacrifice) to gain compounding investment...
We are awed by boundless skills of the gifted. We sometimes wish we have the same...