Epstein Secrets

s are all risk averse. None of them need to get rich; their goal is to stay rich. It's a big differen

speak, and applied those ideas in better ways than the people who came up with the ideas. For example, with regards to psychological biases and Kahneman's work Munger and Buffett have found a way to institutionalize this to a point where they can actually avoid most of these biases. Whereas Kahne

effrey Lehman Christine Maxwell *Brock Pierce *Rich Roberts *Lee Stein *Gerry Sussman EFTA00774753

is to work with Brockman to do an "Edge" conference -- could start small and scale. Some of the names on Roger's list are people JB knows well, like Kahneman, who is absolutely genius, fascinating. As long as there's not much work involved for Brockman, this might work. And TED has lost the sort of scienc

6-159. Csikszentmihalyi. M. (1999). If we are so rich, why aren't we happy? The American Psychologist.

In D. Kahneman, E. Diener, & N. Schwarz (Eds.), Well-being: Foundations of hedonic psychology(pp. 3-25). New York: Russell Sage Foundation Press. Kahneman. D.. Knetsch. J. L., & Thaler. R. H. (1990). Experimental tests of the endowment effect and the Coasc theorem. Journal of Political Economy. 98, 13

(mug, pen, etc.) and subsequently state that they are willing to sell the mug for much more than those who were not given the mug are willing to pay (Kahneman, Knetsch, & Thaler, 1990). In the behavioral economics literature, the endowment effect has sometimes been explained by loss aversion, which is when

many legal conflicts over property rights, and a rich legal tradi- tion has developed to assign precede