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Thinking Fast And Slow, by Daniel Kahneman, is an in-depth examination of how the human brain functions in the act of decision making, using the author’s prospect theory.
Summary Of The Book
In Thinking Fast And Slow, readers will have the opportunity to delve deep into how the brain functions and makes decisions.
Kahneman developed the prospect theory which states that people make decisions based on how much they stand to lose or gain, and not on the final result. This was a groundbreaking theory in behavioral economics as it directly challenged the long standing utility theory.
Thinking Fast And Slow begins with Kahneman stating that the brain generates thoughts in two ways, System 1 and System 2. The first system started automatically, was used frequently and subconsciously, and was emotional. System 2 on the other hand, operated slowly, consciously, and rationally. Kahneman maintained that most people like to assume that they are governed by the second system, which is not the case. It is System 1 that is the dominant force, which makes the big decisions, and influences thoughts and judgements. It is only by understanding both systems that people will comprehend why they do what they do.
In the following section, titled Heuristics and Biases, the author offers explanations as to why people have a difficult time with thinking statistically. Kahneman states that by thinking heuristically, people tend to think of similar cases to the situation at hand, rather than new ways of resolving the matter. He mentions several biases such as anchoring, availability, substitution, framing, and sunk-cost, which impact people’s way of thinking.
In the section titled Choices, Kahneman offers suggestions as to how readers can avoid many of the shortcomings of System 1. In the final chapter, titled Happiness and Rationality, Kahneman suggests that conceptual biases exist in human thought because it is adaptive, and leads to happiness, which is preferred by our thinking process.
Thinking Fast And Slow won the L. A. Times Book Prize in 2011.
About Daniel Kahneman
Daniel Kahneman is an author, and psychologist, whose research interests focus on judgment, decision making, and behavioral economics. He has also authored Choices, Values And Frames, International Differences In Well-Being, and Well-Being: Foundations in Hedonic Psychology.
He was born in 1934 in Tel Aviv. Kahneman holds a BSc degree from Hebrew University of Jerusalem and completed his doctorate in Psychology from the University of California, Berkeley. In 2002, he received the Nobel Memorial Prize in Economic Sciences for his work on Prospect Theory. He is currently a Professor Emeritus in the Department of Psychology, at Princeton University. Kahneman is married to Anne Treisman, who is a psychology professor at Princeton University.
|Number of Pages||512 Pages|
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Feb 26, 2015
Good book. Great Seller
Dec 24, 2014
Excellent book..Should read once
Nov 4, 2014
A Quality Research Paper! Definitely not a light read.
Nov 4, 2014
Transforms the way you think about thinking
Oct 24, 2014
An interesting read
Oct 30, 2011
master strokesummarised all the knowledge till date in this domain...equally good for expert and uninitiated one...best book i read after series flings with other books like preditably irrational tipping point ,black swan....MUST read for anyone interested in
Apr 11, 2012
reat it fast and slowdid you notive the spelling mistakes? if you didn't that's your fast thinking part of the brain! coming to the book...
Feb 27, 2013
A brilliant book by a brilliant mind.Mr.Kahneman may have got noble prize in Economics but his work more pshycological in nature.
Dec 22, 2011
5.0 out of 5 stars...... A brilliant book by a brilliant mindThis Book will show you how we think and decide !!!
Dec 26, 2011
Catchy title..compels to start reading..then there is no ending..Wonderful to know about aour fast impromptu respose and slow innate thinking process..Halo effect and our ignorance to statistics, Overconfidence..choices..lot of things to ponder upon..
Dec 17, 2012
Compelling ReaderWhat is making this book more compelling is the interesting experiments and its nearly unbelievable results that provides strong support to the underlying theories.
Jan 13, 2014
Every page is an eye-openerVery rarely do you find non-fiction to be as racy as this book. This is what happens when two Nobel Laureates compress decades of invaluable work into a 500 page book. In addition, there are no aphorisms and anecdotes. Every concept is reasoned, along with evidence with experiment.
Jul 31, 2013
Absolute Delight - Pathetic WS RETAILAwesome Book, especially for those into corporate strategy roles in a retail buyer driven organization.. Gives you an insight into the human mind....
May 13, 2013
Buy the other editionIf you like larger print and meaty pages buy the other edition from publisher Allen Lane, ISBN 9781846146060, which is also available on Flipkart. This edition is more expensive (as of my purchase) and Flipkart product page states that this is an imported edition from publisher Farrar Straus Giroux, but it is actually "republished" by Penguin and just not as good.
Mar 7, 2012
A nice peek in our cognition and thinkingKahneman gives a good overview on how we think and behave and has a good framework on analyzing. Kahneman introduces two mental systems, one that is fast and the other slow. Well written and informative. Basically, this book provides the reader an impressive overview of many key concepts in behavioral research, with lots of illuminating stories from Kahneman's work and experiences. Highly recommended