Thinking Fast And Slow By Daniel Kahneman Pdf
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It was the winner of the National Academies Communication Award for best creative work that helps the public understanding of topics in behavioral science , engineering and medicine. The book summarizes research that Kahneman conducted over decades, often in collaboration with Amos Tversky. The integrity of this research has been called into question in the midst of the psychological replication crisis.
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- Thinking Fast and Slow by Daniel Kahneman [BOOK SUMMARY & PDF]
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The Thinking Fast And Slow Free Pdf is a tour de force of Behavioral Psychology; this book explains how our mind comes to conclusions and makes decisions. The author, Daniel Kahneman explains that our intuition and decision making part of brain has two personalities. System 2 is the more contemplative, cognitively taxing counterpart that we engage for serious mental exertion. Kahneman takes us through an exhaustive tour of biases and fallacies people are prone to making.
He talks about the halo effect, affection bias, confirmation bias, and even regression to the mean. As a mathematician, I liked his angle on probability and statistics; as a logician, I appreciated his brief segues into the logical aspects of our contradictory decision-making processes.
There are two other things I really appreciated about this book, both of which are related to psychology. On the other end, you have the cutting-edge cognitive psychology informed by the neuroscience of MRIs, split-brain studies, and rat research. Economists are, for the most part, highly-trained, but they seem bent upon sustaining this theoretical fantasy land in which humans are rational creatures. I occasionally try my hand at reading books about the economy, just so I can say I did, but they usually end up going over my head.
I learned a lot from it. I would rate it higher, but I was starting to flag as I approached the finish line. Truth be told, I skipped the two articles Kahneman includes at the end that were the original publications about the theories he explains in the book. And he ate all those little cocktail snacks too. Both books boil down to: we suck at automatic decision-making when statistics are involved; therefore, we behave less rationally than we believe we do.
Lehrer explains why things go wrong, and Kahneman categorizes all the different way things go wrong. By all means, give it a try, but take it slow. System 1 is fast, intuitive, and emotional; System 2 is slower, more deliberative, and more logical. The impact of overconfidence on corporate strategies, the difficulties of predicting what will make us happy in the future, the profound effect of cognitive biases on everything from playing the stock market to planning our next vacation—each of these can be understood only by knowing how the two systems shape our judgments and decisions.
This is a very simple case of visual illusion where we see two lines of same size appearing to be of varying lengths. Even after knowing that they are equal and the illusion is created by the fins attached to them, our system 1 still impulsively signals that one of them is longer then the other. Through this simple illustration, he moves on to introduce Cognitive Illusions, which are more fascinating, and are drastically more effective.
Kahneman contends that it is extremely difficult to overcome heuristic biases. Still, we are inherently prone to fall for dazzling rhetoric and dashing figures, we believe in myths and incidents that are as improbable as they are ludicrous, because this is the way we see things. But this is not undesirable altogether, some of the intuitive abilities are an evolutionary blessing that help us understand emotions and make correct decision in split seconds.
Neither does the author deems it expedient to overcome these biases, but only to recognize them and put our system 2 to work before making crucial judgments.
Except some of my nerdy goodread friends who then leave an equally baffling Proustian comment, which of course, takes quite a while to be properly understood. So I will mention a summary of some critical biases, ideas and psychological phenomenon that I found interesting.
I have attempted to summarize some heuristics, biases and psychological principle that I thought would make a fascinating introduction to tempt a novice like me to further explore the subject. They are just the tip of iceberg and not by any means exhaustive and just comprise a small part of what this book is all about. You wore an expression of disgust and a very bad image came to your mind, your body too reacted in disgust and for short time you might not want to eat bananas.
All of this was automatic and beyond your control. We associate seemingly some unrelated images and with some imagination, form an image. Priming : Exposure to a word causes immediate changes in the ease with which many related words can be evoked.
The opposite would happen if you had just seen WASH. Similarly, exposure to an idea or event can also have similar temporary effect on our behavior. So we admire and rather look for cognitive ease. Things that are less complex have a positive effect on our behavior. Similarly, smiling and laughing can also ease our mind system 1 and make us feel confident and in control.
Anything that is easy to understand read or see is likely to have a more positive effect on us as compared to anything that we have a hard time understanding or visualizing. Exposure Effect : We are more likely to choose the thing we are more familiar with.
The more the exposure is, the more we will be inclined towards it. Normality illusion : Things that recur with greater frequency are considered normal, no matter how horrendous they are. Two people killed in a terrorist attack in a western country are more likely to be mourned then a hundreds of children killed in Gaza by a missile strike.
Simply due to the fact that children in Gaze get bombed all the time, while a terrorist attack that kills innocents is sort of rarity in Europe and America. Substitution : If a satisfactory answer to a hard question is not found quickly, System 1 will find a related question that is easier and will answer it. For instance when asked How happy are you with your life these days? In everyday life, we use this to avoid making decisions and expressions based on factual background and therefore make an impulsive and sometimes irrational comment to a difficult question.
What you see is there is : We take pride in our intuitive abilities which leads us to believe that we know the whole truth, no matter how fallible our sources are, and not withstanding the fact that there is always another side of the picture.
When we hear a story or an incident, we tend to accept it as a fact without considering any view dissenting or contradicting it. But it is again the mischief of System 1 that leads us to believe a narrative impulsively and without further inquisition as to its authenticity. It is also another example of our intuitive tendency to see things in a narrow frame.
Loss Aversion : Call it a gift of evolution or survival instinct, but we are naturally loss averse in most of our decisions. We are more likely to abandon a huge profit if there is some probability of an equally huge loss. We do want to have more, but not at the cost of putting our own at stake, we relish our possessions more than our desire to have more.
Overconfidence and Hindsight bias : A general limitation of our mind is its imperfect ability to reconstruct past states of knowledge, or beliefs that have changed. Once you adopt a new view of the world or any part of it , you immediately lose much of your ability to recall what you used to believe before your mind changed. We see people everyday saying that what just happened was what they always thought would happen and they, in their overconfidence, start believing that they always knew in hindsight that such an event was probable.
Prospect theory : This theory attempts to explain the way people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. Kahneman illustrates it through this graph. This theory is one of his most important in the field of behavioral economics. Owing to its complexity, I can not summarize it here. Engaging the reader in a lively conversation about how we think, Kahneman reveals where we can and cannot trust our intuitions and how we can tap into the benefits of slow thinking.
He offers practical and enlightening insights into how choices are made in both our business and our personal lives—and how we can use different techniques to guard against the mental glitches that often get us into trouble.
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Kahneman, D. Reducing Noise in Decision Making. Harvard Business Review , 94 12 , A New Etiquette for Replication. Social Psychology , 45 4 , Sibony, O. Harvard Business Review , 89 6 ,
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Thinking Fast and Slow by Daniel Kahneman [BOOK SUMMARY & PDF]
Brought to you by Penguin. Daniel Kahneman's pioneering work that tackles questions of intuition and rationality, read by Patrick Egan. In Thinking, Fast and Slow , Kahneman takes us on a ground-breaking tour of the mind and explains the two systems that drive the way we think and make choices. One system is fast, intuitive, and emotional; the other is slower, more deliberative, and more logical. Kahneman exposes the extraordinary capabilities-and also the faults and biases-of fast thinking, and reveals the pervasive influence of intuitive impressions on our thoughts and behaviour.
The Thinking Fast And Slow Free Pdf is a tour de force of Behavioral Psychology; this book explains how our mind comes to conclusions and makes decisions. The author, Daniel Kahneman explains that our intuition and decision making part of brain has two personalities. System 2 is the more contemplative, cognitively taxing counterpart that we engage for serious mental exertion.
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