Empathy gaps!

"Empathy gaps are likely to be more of a problem in financial markets than impact bias. When we are satiated after lunch, we cannot imagine being hungry again. Yet, while we are starving, we cannot imagine feeling bloated. We seem to use simple extrapolation of our current state into the future. So when we are cold and clear headed we think we will behave in one fashion. But, in the heat of the moment, we find ourselves behaving in a completely different way (often to our detriment)."

Empathy gaps!