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A review by ferris_mx
Thinking, Fast and Slow by Daniel Kahneman
5.0
This was a really great book. Things I want to remember:
1) The associative mind is really quick and powerful, but if it is biased, there isn't really anything you can do about it. The analytic mind can overpower the associative mind, but it is lazy.
2) We often answer an easier question than we are asked. We often use representation to do this. If a situation appears to be a representative of that class, we will act as though it is, disregarding the prior probabilities.
3) Framing is very important. We will take a sure win over a chance at a bigger win. But we will take a chance at a small loss over a sure loss. (Same expected value). So the way you define it is very significant.
4) We use anchoring. So once we decide the point of reference, we analyze gain and loss relative to that point.
5) We have an experiencing self, and a remembering self. The remembering self is guided by peak joy/pain and the last part of the experience. It is a terrible judge of duration.
1) The associative mind is really quick and powerful, but if it is biased, there isn't really anything you can do about it. The analytic mind can overpower the associative mind, but it is lazy.
2) We often answer an easier question than we are asked. We often use representation to do this. If a situation appears to be a representative of that class, we will act as though it is, disregarding the prior probabilities.
3) Framing is very important. We will take a sure win over a chance at a bigger win. But we will take a chance at a small loss over a sure loss. (Same expected value). So the way you define it is very significant.
4) We use anchoring. So once we decide the point of reference, we analyze gain and loss relative to that point.
5) We have an experiencing self, and a remembering self. The remembering self is guided by peak joy/pain and the last part of the experience. It is a terrible judge of duration.