Thinking, fast and slow
from Ideas Worth Exploring Hosted by Mark McDonald
Gambling, advertising, politics, and household chores. What do these have to do with each other? They’re all areas where your brain can steer you wrong when making decisions, as we’ll see in today’s episode. We’re going to be talking about one of the most influential ideas in the science of judgment and decision making, called dual process theory. This model is explained clearly in the book Thinking Fast and Slow by Nobel Prize winner Daniel Kahneman. The book talks about psychological research on how our intuition and reasoning work, and explains where our brains tend to make mistakes, and how to correct those errors. In this episode, I compare your intuition, your System 1, to a robot doing paperwork, and your reason, your System 2, to a detective. I then talk about six heuristics and biases: anchoring and adjustment, loss aversion, availability, attribute substitution, representativeness, and confirmation bias, and how these affect your decision making.
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