Nobel Laureate Daniel Kahneman on Making Smarter Decisions
The bestselling author of Thinking, Fast and Slow talks about overcoming the cognitive biases and errors that can affect decision-making.
Decisions You can avoid decision-making mistakes by understanding the differences between these two systems of thought.
Loss Aversion Nobel winner Daniel Kahneman says we tyically fear loss twice as much as we relish success. That's why it's so hard to take a risk
Overconfidence Nobel laureate Daniel Kahneman says people always overestimate their ability to predict the future. He puts his faith instead in...algorithms.
Faith Nobel laureate Daniel Kahneman says that if you rationally weighed the odds of success, you'd never start a business. Thank goodness for irrationality.
Outliers Don't let especially lucky or unlucky outliers influence your decisions.
Prediction You're likely to give more weight to experience than hard data, even when the past is unlikely to predict the future.
Negotiation You can gain the upper hand in negotiations by setting--or resetting--the anchor number.
Stories Be wary of constructing a story based only on what you see--you may not realize what you don't know.
Luck Telling stories that are 'better than reality' can trick you into looking for impossibly easy recipes for success.
Framing What's worse: A disease with 90% survival or one with 10% mortality? (Even doctors get that wrong.) The Nobel winner on how "framing" fools everyone.