Updated on March 25, 2023 We are not rational when we make choices under risk and uncertainty. This is because we prefer certainty. We do not want to live in uncertainty. Look at the following scenarios; The following examples appear in Daniel Kahneman and Amos Tversky’s 1979 paper on prospect…

Derek Siver’s first follower:  One evening, a crowd numbering about 100 were sitting and chatting in a greenery garden in front of a beach. Suddenly a young lad stood out, marched forward, and started to dance according to the tune of the music playing behind. He was without his shirt. A…