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Thinking, Fast and Slow

Daniel Kahneman

Thinking, Fast and Slow

19min

19min

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Thinking Fast and Slow, by Nobel Prize winner Daniel Kahneman, leads us on an exploration of the human mind, showing us how it comprises two mental systems with which we assess our circumstances: one system which is automatic, and the other which requires effort. This introspection of the complexities of our thought processes can enable us to deal with more taxing activities, whilst making us aware of the pitfalls to avoid, such as preconception, which we can avoid once we achieve a better understanding of the concept. 

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Analysis and key concepts

01.

Understanding bias to avoid making mistakes

02.

System 1 and System 2

03.

Heuristic and bias. Why is it so difficult for us to think like statisticians?

04.

Why do we feel so sure about the things we think we know?

05.

The choices in the financial sphere: prospect theory

06.

The two selves: the experiential self and the mnemonic self

07.

Quotes

08.

Take-home message

01. Understanding bias to avoid making mistakes

The purpose of the book is to help us reach a deeper understanding of the judgments, insights and choices we make.

Systematic errors are called biases and are presumptions that occur in a predictable way under certain circumstances. Understanding and knowing our biases gives us more reasoning tools and allows us to avoid making mistakes. All the research carried out has documented systematic errors in the thinking of ‘normal’ and healthy people. They have been attributed to the structure of the cognitive mechanism, not to the fact that our emotions can corrupt our thinking. Without trying to belittle intelligence or emotions, the book presents a factual discovery of the mechanisms and patterns of thought.

02. System 1 and System 2

03. Heuristic and bias. Why is it so difficult for us to think like statisticians?

04. Why do we feel so sure about the things we think we know?

05. The choices in the financial sphere: prospect theory

06. The two selves: the experiential self and the mnemonic self

07. Quotes

08. Take-home message

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Many useful tips to:

  • To understand what our two brains are and the two systems we adopt when we make judgements and decisions, and to help choose between the two.
  • To offer a multidisciplinary book that narrates and explains different themes that are interlinked.
  • For anyone seeking a book rich in content and concepts, yet highly accessible and full of examples and food for thought.

Daniel Kahnemann is an Israeli psychologist who was born in Tel Aviv in 1934. He is a lecturer at Princeton, and was one of the founders of behavioural finance. Kahnemann has carried out many studies on the decisional process in finance and in situations of uncertainty. He won the Nobel Prize for Economics in 2002, which made him the second psychologist in history to win it. In 2015 the Economist named him the seventh most influential economist in the world.

Publishing house:

Farrar, Straus and Giroux

Year:

2013

Pages:

499

ISBN:

978-0374533557