Book Review: Thinking, Fast and Slow by Daniel Kahneman E-Book

50MINUTES

• Herausgeber: 50Minutes.com
• Kategorie: Lebensstil
• Serie: Book Review
• Sprache: Englisch

Seitenzahl: 17

Veröffentlichungsjahr: 2019

Beschreibung

It can be hard for busy professionals to find the time to read the latest books. Stay up to date in a fraction of the time with this concise guide.

Thinking, Fast and Slow, by the Nobel Prize-winning economist Daniel Kahneman, explores the fallacies that can impair human decision-making and the biases that may lead us to act in an irrational way. Kahneman posits that the human mind is governed by two systems of thought, which we lean on in different circumstances, and that our perception can be shaped by a host of outside influences. Thinking, Fast and Slow is an acclaimed international bestseller, with over one and a half million copies sold to date and glowing reviews from outlets including The Economist, The New York Times and The Wall Street Journal. Along with Amos Tversky, Kahneman has carried out pioneering work on human decision-making, and his collaboration with the Nobel Prize-winning economist Richard Thaler has played a key role in the development of the burgeoning field of behavioural economics.

This book review and analysis is perfect for: 
• Students of psychology
• Anyone who wants to understand how we really make decisions
• Anyone with an interest in the principles behind human thought processes

About 50MINUTES.COM | BOOK REVIEW
The Book Review series from the 50Minutes collection is aimed at anyone who is looking to learn from experts in their field without spending hours reading endless pages of information. Our reviews present a concise summary of the main points of each book, as well as providing context, different perspectives and concrete examples to illustrate the key concepts.

Leseprobe

THINKING, FAST AND SLOW

A BOOK ABOUT THE FALLACIES THAT CAN IMPAIR HUMAN DECISION-MAKING

Starting back in the 1970s, Daniel Kahneman and his long-time collaborator Amos Tversky upended conventional wisdom by digging deep into the (flawed) mechanisms humans use to make decisions. 40 years later, these insights are brought together in Thinking, Fast and Slow with the aim of bringing them to a broader audience than has been the case so far.

Identifying two different systems of thought (simply named System 1 and System 2, aka Fast and Slow), the book clarifies the source of these mechanisms and the conditions in which they can occur. The middle chapters delve deeper into some of the specific mechanisms identified in Kahneman and Tversky’s papers from the 1970s and how they remain relevant for discussions today.

The book is the crowning achievement of four decades of research into human decision-making by Daniel Kahneman, and it is spearheading a still increasing wave of research on the topics included in the book.

KEY INFORMATION

Reference edition: Kahneman, D. (2011) Thinking, Fast and Slow. New York: Penguin.1stedition: 2011Author: Daniel Kahneman (Israeli-American psychologist and economist, born 5 March 1934)Fields: psychology, economicsKey words:Heuristics: a mental ‘shortcut’ people use to make judgments in complex situations in which there is insufficient evidence to form a fully substantiated judgment.Biases: a systematic deviation from a certain norm or rationality in judgment as a consequence of the continued use of heuristics.Prospect theory: the descriptive model introduced by Kahneman and Tversky in order to analyse real-life decision-making as opposed to optimal decision-making. The model states that people do not make decisions based on potential outcomes but the weight attributed to potential losses and gains. How likely these losses and gains are is influenced by heuristics.Anchoring: a specific heuristic that influences perceptions of importance in making a decision due to some information being presented first. Based on this piece of information, a person will form a judgment of subsequent information, biasing the judgment in favour of the first piece of information.Endowment effect