Majority of people are more risk seeking in a loss domain than the gain domain.
Endowment effect: people often demand much more to give up an object than they would be willing to pay to acquire it.
More unhappy to lose same amount of money than happy to win.
You would rather incur pleasure now and bear the heavily discounted costs in the future.
People procrastinate on the unpleasureable experiences but also on the pleasurable ones too. (deadlines are good!)
People tend to overestimate the precision of their knowledge.
People overweigh information that is consistent with their existing beliefs, gather information that supports these beliefs, and readily dismiss information that does not.
People tend to alter memory of past events through present knowledge, so that those events look more predictable than they actually were (I-knew-it-all-along).
Fundamental attribution error: the tendency for people to over-emphasize personality-based explanations for behaviors observed in others while under-emphasizing the role and power of situational in‡uences on the same behavior.
Act rationally with respect to how (ir)rationally others act.