People who are poor think like traders, but the dynamics are quite different. Unlike traders, the poor are not indifferent to the differences between… - Daniel Kahneman

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People who are poor think like traders, but the dynamics are quite different. Unlike traders, the poor are not indifferent to the differences between gaining and giving up. Their problem is that all their choices are between losses. Money that is spent on one good is the loss of another good that could have been purchased instead. For the poor, costs are losses.