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Recommended: Irrational decision making

It is very rare that a book can be so compelling that it changes the way you think. Daniel Kahneman achieved this in his groundbreaking book Thinking, Fast and Slow. In his work, Kahneman challenges common notions of human psychology by offering a unique perspective of why we make certain decisions. Based off his contributions throughout his career, Kahneman compiles his experimental findings on human behavior into a complete manual to the human mind. The book delves into human nature and cognition, how we process our decisions and in what frame of mind do we create our perception of the world. More specifically, Kahneman deals with the irrationality of the way we think that leads to biases, mental shortcuts and defense mechanisms. His findings not only acts as an informative self-help but questions the very nature of everyday life.
Kahneman’s theory’s breaks down human thought into two systems. Our thought processes that are deliberate, rational and analytical are System 2. This type of thought is one that takes effort and time yet can yield a more accurate picture of a situation. The opposite system, System 1, is fast, quick to judge, superficial and automatic. It relies on instinct and first impression of a situation to make judgments. Kahneman explains the balance between the two systems as the equilibrium of one’s conscious and unconscious thoughts. While System 1 offers quick, apparent information about a situation, System 2 works to put the information in the correct context and fix any errors (44). Kahneman explains that the two modes are not always at work together and at times we rely on one system more in certain situations. For example, highway driving may only require System 1 as very little mental inp...

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... be avoided. When we look at an investment opportunity it is important to recognize the “gut” feeling as our initial response but not necessarily the right response. Being aware of this can help avoid falling into an optimist bias and poorly budgeting for the future.
An important question that must be asked is do we need to be completely rational always? Kahneman made clear how our System 1 can lead to bad decisions and poor planning. Yet it seems that our cognitive processes evolved in a way to protect us from aspects of reality. It is possible that our System 1 is protecting us from shattering anxiety and allows us to venture to new places. For example optimism bias allows us to take risks by shielding us from risk aversion. Kahneman’s work provides us with the valuable insight into our minds so that we can be aware of the faults and embrace its efficiency.

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