THINKING FAST AND SLOW SUMMARY EPUB DOWNLOAD
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Jump to Summary - Summary. SuperSummary, a modern alternative to SparkNotes and CliffsNotes, offers In Thinking, Fast and Slow, psychologist Daniel Kahneman explains how two. Thinking Fast and Slow by Daniel Kahneman [BOOK SUMMARY & PDF] Thinking Fast and Slow by Daniel Kahneman analyses two modes of thought; “System 1” is fast, instinctive and emotional; “System 2” is slower, more deliberative, and more logical.PART I. TWO SYSTEMS · PART III. OVERCONFIDENCE · PART IV. CHOICES.
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System 2 debate dives into the reasoning or lack thereof for human decision making, with big implications for many areas including law and market research. It begins by documenting a variety of situations in which we either arrive at binary decisions or fail to precisely associate reasonable probabilities with outcomes.
Kahneman explains this phenomenon using the theory of heuristics. Kahneman and Tversky originally covered this topic in their landmark article titled Judgment under Uncertainty: For example, a child who has only seen shapes with straight edges would experience an octagon rather than a triangle when first viewing a circle.
In a legal metaphor, a judge limited to heuristic thinking would only be able to think of similar historical cases when presented with a new dispute, rather than seeing the unique aspects of that case. In addition to offering an explanation for the statistical problem, the theory also offers an explanation for human biases.
Anchoring The "anchoring effect" names our tendency to be influenced by irrelevant numbers. As an example, most people, when asked whether Gandhi was more than years old when he died, will provide a much larger estimate of his age at death than others who were asked whether Gandhi was more or less than 35 years old.
Experiments show that our behavior is influenced, much more than we know or want, by the environment of the moment. Availability heuristic The availability heuristic is a mental shortcut that occurs when people make judgments about the probability of events on the basis of how easy it is to think of examples.
The availability heuristic operates on the notion that, "if you can think of it, it must be important. In other words, the easier it is to recall the consequences of something, the greater we perceive these thinking fast and slow summary to be.
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Sometimes, this heuristic is beneficial, but the frequencies at which events come to mind are usually not accurate reflections of the probabilities of such events in real life. Attribute substitution System 1 is prone to substituting a difficult question with a simpler one.
In what Kahneman calls their "best-known and most controversial" experiment, "the Linda problem ," subjects were told thinking fast and slow summary an imaginary Linda, young, single, outspoken, and very bright, who, as a student, was deeply concerned with discrimination and social justice.
They asked whether it was more probable that Linda is a bank teller or that she is a bank teller and an active feminist.
The overwhelming response was that "feminist bank teller" was more likely than "bank teller," violating the laws of probability. Every feminist bank teller is a bank teller.
Thinking Fast and Slow by Daniel Kahneman [BOOK SUMMARY & PDF]
In this case System 1 substituted the easier question, "Is Linda a feminist? An alternative view is that the subjects added an unstated cultural implicature to the effect that the other answer implied an exclusive or xorthat Linda was not a feminist.
A natural experiment reveals the prevalence of one kind of unwarranted optimism. The planning fallacy is the tendency to overestimate benefits and underestimate costs, impelling people to take on risky projects.
This theory states that when the mind makes decisions, it deals primarily with Known Knowns, thinking fast and slow summary it has already observed. It rarely considers Known Unknowns, phenomena thinking fast and slow summary it knows to be relevant but about which it has no information.
Finally it appears oblivious to thinking fast and slow summary possibility of Unknown Unknowns, unknown phenomena of unknown relevance. He explains that humans fail to take into account complexity and that their understanding of the world consists of a small and necessarily un-representative set of observations.
Furthermore, the mind generally does not account for the role of chance and therefore falsely assumes that a future event will mirror a past event.
Thinking, Fast and Slow [Speed Summary] – Brand Genetics
Framing effect psychology Framing is the context in which choices are presented. The first framing increased acceptance, even though the situation was no different. Sunk cost fallacy Rather than consider the odds that an incremental investment would produce a positive return, people tend to "throw good thinking fast and slow summary after bad" and continue investing in projects with poor prospects that have already consumed significant resources.
In part this is to avoid feelings of regret. Characteristics of System 1: