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Starting in the 1970s, psychologists Daniel Kahneman and the late Amos Tversky did groundbreaking studies suggesting otherwise.
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First explained by psychologists Daniel Kahneman and Amos Tversky, it's surprisingly common.
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Amos Tversky and Nobel Prize winner Daniel Kahneman showed how humans consistently overweight the probability of outcomes they like and avoid losses to an irrational level.
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Kahneman conducted his research with Amos Tversky, but Tversky was not eligible to receive the prize because he died in 1996 and the prize is not awarded posthumously.
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Kahneman, often working with a fellow academic, the late Amos Tversky, described many of the core concepts of behavioral finance, including: loss and regret aversion, representativeness, anchoring and adjustment, and availability bias.
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