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Thinking, Fast and Slow by Daniel Kahneman (30 Minute Expert Summary)

The 30 Minute Expert Series

3.90 · Rating details · 229 ratings · 9 reviews

Decisions: You make hundreds every day, but do you really know how they are made? When can you trust fast, intuitive judgment, and when is it biased? How can you transform your thinking to help avoid overconfidence and become a better decision maker?

Thinking, Fast and Slow ...in 30 Minutes is the essential guide to quickly understanding the fundamental components of decisi Decisions: You make hundreds every day, but do you really know how they are made? When can you trust fast, intuitive judgment, and when is it biased? How can you transform your thinking to help avoid overconfidence and become a better decision maker?

Thinking, Fast and Slow ...in 30 Minutes is the essential guide to quickly understanding the fundamental components of decision making outlined in Daniel Kahneman's bestselling book, Thinking, Fast and Slow.

Understand the key ideas behind Thinking, Fast and Slow in a fraction of the time:

* Concise chapter-by-chapter synopses
* Essential insights and takeaways highlighted
* Illustrative case studies demonstrate Kahneman's groundbreaking research in behavioral economics

In Thinking, Fast and Slow, Daniel Kahneman, best-selling author and recipient of the Nobel Prize in Economics, has compiled his many years of groundbreaking research to offer practical knowledge and insights into how people's minds make decisions. Challenging the standard model of judgment, Kahneman aims to enhance the everyday language about thinking to more accurately discuss, diagnose, and reduce poor judgment.

Thought, Kahneman explains, has two distinct systems: the fast and intuitive System 1, and the slow and effortful System 2. Intuitive decision making is often effective, but in Thinking, Fast and Slow Kahneman highlights situations in which it is unreliable--when decisions require predicting the future and assessing risks.

Presenting a framework for how these two systems impact the mind, Thinking, Fast and Slow reveals the far-reaching impact of cognitive biases--from creating public policy to playing the stock market to increasing personal happiness--and provides tools for applying behavioral economics toward better decision making.

A 30 Minute Expert Summary of Thinking, Fast and Slow

Designed for those whose desire to learn exceeds the time they have available, the Thinking, Fast and Slow expert summary helps readers quickly and easily become experts ...in 30 minutes. ...more

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Kindle Edition, 40 pages

Published December 19th 2012 by Garamond Press

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Jul 18, 2020 Izzy rated it really liked it

This is a highly condensed summary of the classic book, covering the key points in a short and quick to read book. Understandably, this summary book does not take the time to fully explicate and flesh these points out - which could have been very useful in places.

Key takeaways for me:
• Decisions are far more intuitively influenced and biased than we realise. We do not automatically recognise the flaws in our own mind and thinking systems. Unconscious, automatic decisions far outnumber slow, int This is a highly condensed summary of the classic book, covering the key points in a short and quick to read book. Understandably, this summary book does not take the time to fully explicate and flesh these points out - which could have been very useful in places.

Key takeaways for me:
• Decisions are far more intuitively influenced and biased than we realise. We do not automatically recognise the flaws in our own mind and thinking systems. Unconscious, automatic decisions far outnumber slow, intentional decisions.
• There are two thinking systems: System 1 is fast and intuitive, System 2 is slow and effortful. Kahneman highlights numerous situations where judgement errors occur unless System 2 is engaged.
• Intuitive reasoning is least reliable at predicting the future and risk assessment.
• Recognise that in a state of "cognitive ease", System 1 easily dominates over a passive System 2. We require "cognitive strain" to engage System 2 for a rational decision.
• System 1 will happily substitute a more convenient/easy heuristic in answer to a complex question. E.g. "how happy am I overall?" is substituted for "how do I feel right now?" - a cognitively easier answer, but ultimately neither accurate nor useful.
• System 2 requires statistical training to make predictions incorporating regression to the mean.
• The ability to diagnose flaws in judgement and decision making has huge value.
• Simple algorithms perform better than expert intuition over the long term. Expert intuition can only perform well in the short-term in a stable, predictable system. Intuition cannot accurately predict the medium-long term future, as the mind isn't capable of factoring in non-events and randomness.
• Expert "intuition" is actually guided by a form a pattern recognition and memory, and so is sharpened with repeated exposure.
• Take the Outside View: instead of taking the Inside View, looking at a project's outcomes by extrapolating its past, which ignores chance events - the Outside View accounts for randomness by factoring in outcomes of similar projects undertaken previously by others.
• System 1 is subject to excessive loss-aversion in the face of risk, disproportionate to our lesser desire to gain. This asymmetrically affects how risk-averse our decision making will be, and has significant implications in investment and beyond.
• Prospect Theory - how we feel about an outcome is dependent on its relative position to our neutral reference point.
• The Fourfold Pattern: from the possibility effect and certainty effect. We weight highly unlikely outcomes more than they deserve, and give near-certain outcomes less weight than their probability justifies. We often overweight the probability of rare events in decision making based on how vividly we imagine them in our mind.
• Sunk-cost fallacy: continuing to invest (irrationally) in a losing proposition. Something I have been guilty of in the past.
• The experiencing self and remembering self are different. Here lies the distinction between experiential well-being and remembered life-satisfaction; two components of "happiness".

"The notion that we have limited access to the workings of our minds is difficult to accept because, naturally, it is alien to our experience, but it is true: you know far less about yourself than you feel you do." -Daniel Kahneman
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Jul 28, 2015 Jerrald Hayes rated it it was amazing

A great quick overview of one of the best and I think mot important books I've ever read. ...more

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Jul 31, 2015 Vaas rated it it was amazing

Мы спросили себя, как люди умудряются оценивать вероятность, не зная точно, что она из себя представляет. Мы заключили, что эта невозможная задача каким-то образом упрощается, и решили выяснить, как это происходит. Наш ответ был таков: при необходимости вычислить вероя тность люди оценивают нечто другое, однако считают, что оценили непосредственно вероятность. Система 1 часто исполняет этот маневр, сталкиваясь с трудным целевым вопросом, если легко находится ответ на более легкий эвристический в ...more

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Dec 20, 2020 Kriz Jowie rated it liked it

Quick and dirty summary of the book.

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Nov 06, 2020 Kate added it

what were my take aways again?

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Apr 10, 2015 Jessica rated it liked it

I really liked it and it had incredibly valuable information, however it was very mentally taxing to read. I spent HOURS on this book. Probably at least 6? And was only halfway done. So at this point I gave up and read a summary for the remaining chapters to enable me to pick and choose where to spend my time on the rest of the book. Again, REALLY liked it, but rating lower due to the sheer amount of time and effort it required.

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Jul 07, 2013 Jdillon117 rated it it was amazing

Excellent. Should be required reading for everyone who works with people. I took my time with it but it was worth it. Great to have as a reference book since so many other writers draw on this research.

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