File Name: thinking fast and slow what you see is all there is.zip
This is a great read for anyone who is interested in psychology and processes of thought. After studying psychology and receiving his bachelors, Kahneman was enlisted in the Israeli defence force, working primarily in the psychology department.
- Thinking Fast and Slow Summary: 7 Important Concepts From the Book
- What Will You Learn
- Thinking, Fast and Slow
Thinking Fast and Slow Summary: 7 Important Concepts From the Book
Kahneman wrote a fantastic book that will help you improve your thinking and help you spot cognitive errors. Throughout the book, Kahneman asks you questions, knowing you will make a mistake while trying to answer them. What happened here? Did your brain trick you? Are you bad at math? No, this is your brain working exactly as it is supposed to, and the reason for that is due to this concept of Cognitive Ease. It likes things that are familiar, it likes things that are simple to understand.
What Will You Learn
It is full of interesting studies that have been performed over the years to learn how to think about thinking and how we generally react to different situations. There are investment implications is this book but also behavioral studies that we can use outside of our finances. System 1 is our intuition. System 2 is our more logical, deliberate way of processing thoughts and thinking things through. System 2 is lazier than System 1, which causes us to use hunches based on System 1 when we are presented with too much information. The amazing characteristic about our System 1 intuition is that we are rarely stumped in any situation. Our brain can make split second decisions without any effort on our part at all and we have no voluntary control over this aspect of our brain.
In this book, Kahneman describes the ways in which we think or make decisions — and how those ways work against and with one another. System 1 thinking is better described as our intuition, which relies on subconscious information and prior experience to make a decision. System 2 is logical and deliberate, and it requires careful consideration of reasonable information to make a decision. However, this type of thinking is also prone to excessive bias and will always look for things to confirm your suspicions. Thus, System 1 thinking can get us into big trouble or cause us to emotionally react when it is not necessary. System 2 thinking often requires you to seek out alternative opinions to counteract your own internal biases.
Thinking, Fast and Slow
We often fail to allow for the possibility that evidence that should be critical to our judgment is missing—what we see is all there is. The lesson is clear: estimates of causes of death are warped by media coverage. The coverage is itself biased toward novelty and poignancy.
Thinking Fast and Slow is an eye-opening book jam-paced with useful content. Daniel Kahneman even won a Nobel Prize in for his work. System 1 is constantly forming a view of the world around it and looking for any subtle changes. It is effortful, deliberate, structured thinking. But we use system 2 for any difficult or extended tasks that require a lot of brain power.
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Kahneman, Daniel. Farrar, Straus and Giroux, New York: pp. Thinking, fast and slow is an international bestseller and already a classic. It can be a behavioral economics textbook, too.